Soaring Dhaka stocks take turnover to new high
Monday, 25 January 2010
FE Report
The turnover at the Dhaka Stock Exchange (DSE) hit a record high Sunday with the benchmark DSE General Index (DGEN) crossing the 5,100-mark for the first time on buying support from institutional investors.
The market started on a negative note as the DGEN lost more than 20 points in the first 25 minutes with banks and Grameenphone losing slightly along with most of the other sectors.
At the end of the session, the DGEN added 61.40 points or 1.20 per cent to close at 5,156.61, its new mark, lifted by banks and Grameenphone.
The broader DSE All Shares Price Index (DSI) gained 50.84 points or 1.20 per cent to end at 4,254.91, while the DSE 20 blue chip index moved up 14.82 points or 0.52 per cent to 2,839.74.
Supported by hefty trading in Grameenphone shares, the total turnover set a new record of Tk 14.53 billion, up by 17.1 per cent from that of the previous day. The previous record turnover was Tk 14.39 billion set on January 13.
"After year-end account closures, institutional investors sitting on huge liquidity started to enter the market, taking the market to a new height," said Akter H Sannamat, managing director of the Prime Finance and Investment Ltd.
"Moreover, the current upswing of the market attracted new investors," he said.
Despite losing slightly in the morning, Grameenphone finished 3.36 per cent higher to close at Tk 252.60 a share.
All banks gained except Prime Bank that lost 0.26 per cent. Uttara Bank was the highest gainer posting a rise of 8.33 per cent, followed by Dutch Bangla Bank that nudged 6.03 per cent higher.
Majority of the non-banking financial institutions (NBFIs), however, fell as the sector shed 1.80 per cent. Mutual funds had a mixed day.
The pharmaceutical sector increased significantly as most of the heavyweights ended in the green terrain. Square Pharmaceuticals, a leading drug-maker, rose 0.25 per cent and its closest rival Beximco Pharma rose 3.29 per cent.
Multinational, cement and insurance companies nudged higher while energy and tannery sectors ended down.
Grameenphone, the country's telecom giant, topped the turnover list with shares worth Tk 984.77 million traded on the day.
It was followed by Beximco Ltd, Beximco Pharma, Shinepukur Ceramics, Uttara Bank, Aftab Automobile, AB Bank, Social Islamic Bank Ltd (SIBL) and Meghna Petroleum.
The prominent gainers included Purabi General Insurance, Eastland Insurance, Prime Insurance, Fine Foods, Uttara Bank, Miracle Industries, Sonar Bangla Insurance and Karnaphuli Insurance.
Alpha Tobacco, Gemini Sea Food, Sonali Aansh, Shyampur Sugar Mills Ltd, Dulamia Cotton, Legacy Foot Wear and Zeal Bangla were the major losers.
The turnover at the Dhaka Stock Exchange (DSE) hit a record high Sunday with the benchmark DSE General Index (DGEN) crossing the 5,100-mark for the first time on buying support from institutional investors.
The market started on a negative note as the DGEN lost more than 20 points in the first 25 minutes with banks and Grameenphone losing slightly along with most of the other sectors.
At the end of the session, the DGEN added 61.40 points or 1.20 per cent to close at 5,156.61, its new mark, lifted by banks and Grameenphone.
The broader DSE All Shares Price Index (DSI) gained 50.84 points or 1.20 per cent to end at 4,254.91, while the DSE 20 blue chip index moved up 14.82 points or 0.52 per cent to 2,839.74.
Supported by hefty trading in Grameenphone shares, the total turnover set a new record of Tk 14.53 billion, up by 17.1 per cent from that of the previous day. The previous record turnover was Tk 14.39 billion set on January 13.
"After year-end account closures, institutional investors sitting on huge liquidity started to enter the market, taking the market to a new height," said Akter H Sannamat, managing director of the Prime Finance and Investment Ltd.
"Moreover, the current upswing of the market attracted new investors," he said.
Despite losing slightly in the morning, Grameenphone finished 3.36 per cent higher to close at Tk 252.60 a share.
All banks gained except Prime Bank that lost 0.26 per cent. Uttara Bank was the highest gainer posting a rise of 8.33 per cent, followed by Dutch Bangla Bank that nudged 6.03 per cent higher.
Majority of the non-banking financial institutions (NBFIs), however, fell as the sector shed 1.80 per cent. Mutual funds had a mixed day.
The pharmaceutical sector increased significantly as most of the heavyweights ended in the green terrain. Square Pharmaceuticals, a leading drug-maker, rose 0.25 per cent and its closest rival Beximco Pharma rose 3.29 per cent.
Multinational, cement and insurance companies nudged higher while energy and tannery sectors ended down.
Grameenphone, the country's telecom giant, topped the turnover list with shares worth Tk 984.77 million traded on the day.
It was followed by Beximco Ltd, Beximco Pharma, Shinepukur Ceramics, Uttara Bank, Aftab Automobile, AB Bank, Social Islamic Bank Ltd (SIBL) and Meghna Petroleum.
The prominent gainers included Purabi General Insurance, Eastland Insurance, Prime Insurance, Fine Foods, Uttara Bank, Miracle Industries, Sonar Bangla Insurance and Karnaphuli Insurance.
Alpha Tobacco, Gemini Sea Food, Sonali Aansh, Shyampur Sugar Mills Ltd, Dulamia Cotton, Legacy Foot Wear and Zeal Bangla were the major losers.