Stocks bounce back as mkt cap crosses $ 13 billion-mark
FE Report | Wednesday, 25 June 2008
Dhaka stocks bounced back Tuesday clawing back losses of the third straight sessions as the total market capitalisation crossed Tk 900 billion-mark or $ 13 billion-mark (Tk 69.00 = $ 1) for the first time because of trade resumption of ICB Islami Bank Limited.
The total market capitalisation stood at Tk 904.58 billion or $ 13.10 billion on the day.
The market opened with a strong note from the very outset of the trade and its upward trend continued towards close of the trade.
"The institutional investors have started to purchase the shares taking advantage of lower price. But in the last several days, they remained almost inactive," said a source in the DSE.
The DSE General Index (DGEN) gained 71.66 points to close at 3036.02, about four-month single day high since February 2 this year when it rose 92.19 points due to the clarification by securities regulator on margin rules for merchant bank loans.
Two other barometers - All Shares Price Index (DSI) and DSE-20 (DS20) - also sharply rose 78.03 points and 49.14 points to end at 2597.27 and 2539.59 respectively.
Prices of most issues gained on the day as out of 232 issues traded, 198 gained, 23 declined and 11 remained unchanged. The total turnover also increased to Tk 2.47 billion against previous day's Tk 1.69 billion.
Resuming the trade after a long gap, shares of ICB Islami Bank turned out to be 'hot cake' as there were no sellers in the first trading day. Share trading of the bank remained suspended since June 21, 2006 due to central bank's investigation.
Share prices of ICB Islami Bank rose 100 per cent to Tk 1856.00 per share.
A total of 13050 shares worth Tk 24.23 million were traded on the day.
"Indices moved to the positive territory as resumption of ICB Islami Bank share trading contributed points to the index, leaving 'pull effect' on other shares on the day," said a capital market analyst.
Moreover, the investors, who felt discomfort in the last two weeks due to the DSE's market cooling measures, assumed that the bourse might not intervene ahead of state-run gas distribution company Titas that will make debut Sunday, a stock broker said.
Stock prices of LankaBangla Finance, the fifth gainer, increased 10.95 per cent to end at Tk 199.50 per share, making it the top turnover leader with shares worth Tk 198.86 million traded. Square Pharma was the second top turnover leader with shares worth Tk 163.92 million traded.
Beximco Pharma, BRAC Bank, Aims First Mutual Fund, Shahjalal Islami Bank, Union Capital, AB Bank, Beximco and Lafarge Surma Cement Limited were the other turnover leaders on the day.
Sreepur Textile, a Z-category issue, had the biggest fall of 11.11 per cent in its share prices on the day.
The total market capitalisation stood at Tk 904.58 billion or $ 13.10 billion on the day.
The market opened with a strong note from the very outset of the trade and its upward trend continued towards close of the trade.
"The institutional investors have started to purchase the shares taking advantage of lower price. But in the last several days, they remained almost inactive," said a source in the DSE.
The DSE General Index (DGEN) gained 71.66 points to close at 3036.02, about four-month single day high since February 2 this year when it rose 92.19 points due to the clarification by securities regulator on margin rules for merchant bank loans.
Two other barometers - All Shares Price Index (DSI) and DSE-20 (DS20) - also sharply rose 78.03 points and 49.14 points to end at 2597.27 and 2539.59 respectively.
Prices of most issues gained on the day as out of 232 issues traded, 198 gained, 23 declined and 11 remained unchanged. The total turnover also increased to Tk 2.47 billion against previous day's Tk 1.69 billion.
Resuming the trade after a long gap, shares of ICB Islami Bank turned out to be 'hot cake' as there were no sellers in the first trading day. Share trading of the bank remained suspended since June 21, 2006 due to central bank's investigation.
Share prices of ICB Islami Bank rose 100 per cent to Tk 1856.00 per share.
A total of 13050 shares worth Tk 24.23 million were traded on the day.
"Indices moved to the positive territory as resumption of ICB Islami Bank share trading contributed points to the index, leaving 'pull effect' on other shares on the day," said a capital market analyst.
Moreover, the investors, who felt discomfort in the last two weeks due to the DSE's market cooling measures, assumed that the bourse might not intervene ahead of state-run gas distribution company Titas that will make debut Sunday, a stock broker said.
Stock prices of LankaBangla Finance, the fifth gainer, increased 10.95 per cent to end at Tk 199.50 per share, making it the top turnover leader with shares worth Tk 198.86 million traded. Square Pharma was the second top turnover leader with shares worth Tk 163.92 million traded.
Beximco Pharma, BRAC Bank, Aims First Mutual Fund, Shahjalal Islami Bank, Union Capital, AB Bank, Beximco and Lafarge Surma Cement Limited were the other turnover leaders on the day.
Sreepur Textile, a Z-category issue, had the biggest fall of 11.11 per cent in its share prices on the day.