Mutual funds shine following HC verdict
Wednesday, 6 October 2010
FE Report
Share prices on the main bourse increased for the ninth straight session Tuesday with the benchmark index passing 7300-mark for the first time, driven by banks and mutual funds.
Mutual funds sector shined on the day after news that the High Court (HC) declared Tuesday illegal the SEC rejection of bonus and rights declared by AIMS First Mutual Fund.
An HC bench also asked the market regulator to take action in the light of the verdict within 10 days.
AIMS First Mutual Fund was the top gainer with a rise of 19.97 per cent when the news hit in the market during trading hour.
However, most Z-category shares declined on the day after the news that the securities regulator Monday decided that the companies remain in Z-category for at least two years or more will be placed on the OTC market.
On Tuesday SEC asked the DSE to transfer only four such companies -- Apex Weaving and Finishing Mills, Dhaka Fisheries, Monno Fabrics and Padma Cement -- to the OTC.
All prominent losers came from poor performing or Z-category companies.
The prominent losers included Monno Fabrics, Meghna Pet, Apex Weaving, Tallu Spinning, Aziz Pipes, Safko Spinning, ICB Islami Bank and Anwar Galvanising.
The benchmark Dhaka Stock Exchange General Index (DGEN) rose 0.89 per cent or 64.79 per cent to close at 7327.31.
The broader All Shares Price Index (DSI) was up by 0.51 per cent or 31.29 points to 6090.53. The DSE-20 Index comprising blue chips gained 1.58 per cent or 66.94 points to 4302.59.
The banking sector -- the market's bellwether-- climbed 1.48 per cent and accounted for 27.90 per cent of the total turnover.
Grameenphone -- the most weighted shares in DSE and the country's top mobile phone operator - lost 2.17 per cent, reversing previous day's gain of 5.44 per cent.
Turnover was Tk 21.98 billion, down 11 per cent over the previous session. Out of 242 issues traded, 135 closed positive and 107 declined.
Peoples Leasing topped the turnover leader with shares worth Tk 1.0 billion changing hands.
It was followed by Premier Bank, Jamuna Bank, BSRM Steel, Square Pharmaceuticals, Prime Finance, Beximco Ltd, BATBC and Exim Bank.
Other leading gainers were Continental Insurance, First BSRS, Reliance Insurance, DBH First Mutual Fund, ICB Third NRB, Republic Insurance, Trust Bank First Mutual Fund, Prime Insurance and Pioneer Insurance.
Share prices on the main bourse increased for the ninth straight session Tuesday with the benchmark index passing 7300-mark for the first time, driven by banks and mutual funds.
Mutual funds sector shined on the day after news that the High Court (HC) declared Tuesday illegal the SEC rejection of bonus and rights declared by AIMS First Mutual Fund.
An HC bench also asked the market regulator to take action in the light of the verdict within 10 days.
AIMS First Mutual Fund was the top gainer with a rise of 19.97 per cent when the news hit in the market during trading hour.
However, most Z-category shares declined on the day after the news that the securities regulator Monday decided that the companies remain in Z-category for at least two years or more will be placed on the OTC market.
On Tuesday SEC asked the DSE to transfer only four such companies -- Apex Weaving and Finishing Mills, Dhaka Fisheries, Monno Fabrics and Padma Cement -- to the OTC.
All prominent losers came from poor performing or Z-category companies.
The prominent losers included Monno Fabrics, Meghna Pet, Apex Weaving, Tallu Spinning, Aziz Pipes, Safko Spinning, ICB Islami Bank and Anwar Galvanising.
The benchmark Dhaka Stock Exchange General Index (DGEN) rose 0.89 per cent or 64.79 per cent to close at 7327.31.
The broader All Shares Price Index (DSI) was up by 0.51 per cent or 31.29 points to 6090.53. The DSE-20 Index comprising blue chips gained 1.58 per cent or 66.94 points to 4302.59.
The banking sector -- the market's bellwether-- climbed 1.48 per cent and accounted for 27.90 per cent of the total turnover.
Grameenphone -- the most weighted shares in DSE and the country's top mobile phone operator - lost 2.17 per cent, reversing previous day's gain of 5.44 per cent.
Turnover was Tk 21.98 billion, down 11 per cent over the previous session. Out of 242 issues traded, 135 closed positive and 107 declined.
Peoples Leasing topped the turnover leader with shares worth Tk 1.0 billion changing hands.
It was followed by Premier Bank, Jamuna Bank, BSRM Steel, Square Pharmaceuticals, Prime Finance, Beximco Ltd, BATBC and Exim Bank.
Other leading gainers were Continental Insurance, First BSRS, Reliance Insurance, DBH First Mutual Fund, ICB Third NRB, Republic Insurance, Trust Bank First Mutual Fund, Prime Insurance and Pioneer Insurance.