Stocks rise sharply
Wednesday, 23 June 2010
FE Report
Dhaka stocks regained sharply Tuesday, recovering two-session of heavy losses, as bargain hunters scooped up banking, leasing and energy stocks.
The DSE General Index (DGEN), the main gauge of the market, surged by 1.74 per cent or 106.41 points to close at 6207.55.
The broader All Shares Price Index (DSI) gained 1.65 per cent or 84.47 points to 5146. The DSE 20 index comprising blue chip shares rose 1.94 per cent or 69.36 points to 3638.44.
"Bargain hunters were active chasing heavyweight issues, pushing the market to the positive territory," said a fund manger.
But trading activity remained downbeat as some investors adopted wait and see policy in the volatile market, he said.
Turnover remained unchanged as shares worth Tk 12.50 billion were transacted, slightly up by 0.22 per cent than the previous session.
Out of the 248 issues traded on the day, 177 advanced, 64 lost and seven remained unchanged.
Analysts are quite skeptical about the sustainability of the rally, as high intensity speculative buying was linked to rumours.
Banking sector, which makes up one-fourth of total market capitalisation, was up by 2.79 per cent.
Among the banking issues, IFIC Bank gained by nine per cent, followed by Islami Bank 4.58 per cent and AB Bank 4.32 per cent.
Leasing or non-banking financial institutions (NBFIs) sector closed 3.62 per cent higher to emerge as top gainer, driven by Prime Finance rising 5.92 per cent, ICB 5.61 per cent and LankaBangla Finance 2.24 per cent.
Fuel and power rose 1.37 per cent, led by Power Grid that spiked 3.76 per cent, DESCO 1.98 per cent and Summit Power 1.94 per cent.
Dhaka stocks regained sharply Tuesday, recovering two-session of heavy losses, as bargain hunters scooped up banking, leasing and energy stocks.
The DSE General Index (DGEN), the main gauge of the market, surged by 1.74 per cent or 106.41 points to close at 6207.55.
The broader All Shares Price Index (DSI) gained 1.65 per cent or 84.47 points to 5146. The DSE 20 index comprising blue chip shares rose 1.94 per cent or 69.36 points to 3638.44.
"Bargain hunters were active chasing heavyweight issues, pushing the market to the positive territory," said a fund manger.
But trading activity remained downbeat as some investors adopted wait and see policy in the volatile market, he said.
Turnover remained unchanged as shares worth Tk 12.50 billion were transacted, slightly up by 0.22 per cent than the previous session.
Out of the 248 issues traded on the day, 177 advanced, 64 lost and seven remained unchanged.
Analysts are quite skeptical about the sustainability of the rally, as high intensity speculative buying was linked to rumours.
Banking sector, which makes up one-fourth of total market capitalisation, was up by 2.79 per cent.
Among the banking issues, IFIC Bank gained by nine per cent, followed by Islami Bank 4.58 per cent and AB Bank 4.32 per cent.
Leasing or non-banking financial institutions (NBFIs) sector closed 3.62 per cent higher to emerge as top gainer, driven by Prime Finance rising 5.92 per cent, ICB 5.61 per cent and LankaBangla Finance 2.24 per cent.
Fuel and power rose 1.37 per cent, led by Power Grid that spiked 3.76 per cent, DESCO 1.98 per cent and Summit Power 1.94 per cent.