Stocks' upward trend on despite selling pressure
Friday, 8 January 2010
FE Report
Dhaka stocks maintained their upward trend for the 13th straight session Thursday in spite of profit selling in the morning.
The DSE General Index (DGEN), the main gauge of exchange, finished with a fresh rise of 14.27 points or 0.30 per cent at 4722.09, bolstered by both general and life insurers that nudged 3.37 per cent and 0.74 per cent higher respectively.
The broader DSE All Shares Price Index (DSI) gained 14.62 points or 0.37 per cent to 3904.65, while the DSE-20 blue chip index shed 6.28 points or 0.22 per cent to 2744.51.
After year-end account closure, growing presence of institutional investors might raise hopes that market is heading for new highs but fears that the longest stretch of gains may cause dents in the price flare-ups, analysts opined.
The market gained pace within the first twenty minutes, putting on 15 points but in the next one hour fell with little bumps on profit taking on financials and pharmaceuticals.
But for the rest of the time it once again peaked up and finished marginally higher.
The turnover was Tk 11.0 billion, down slightly 3.10 per cent over the previous session but still maintaining healthy turnover with strong buying and selling activities.
Rising stocks took a fair lead over the decliners as out of 242 issues traded, 169 ended in the positive territory, 71 closed in the negative and two remained unchanged.
Grameenphone, the country's largest mobile operator and the most weighted share in DSE, dropped 1.32 per cent to finish at Tk 193.80.
The banking sector, the market's bellwether, was down 0.34 per cent as majority of banks declined.
Non-banking financial institutions (NBFIs) sector ended in the positive territory because of the gain in the four big companies -- ICB, Lanka Bangla Finance, Prime Finance and IDLC Finance -- but majority of the companies dropped. State-owned ICB witnessed the sharpest gain of 9.56 per cent.
The pharmaceuticals sector lost 0.12 per cent, reversing the gaining trend in the last several days. Energy sector advanced 0.32 per cent, cement 0.92 per cent and tannery 0.33 per cent.
Most of the multinational companies continued to edge higher with Lafarge leading the way by gaining 1.90 per cent.
Beximco Ltd topped the turnover list with shares worth Tk 907.24 million changing hands.
AB Bank, Titas Gas, Jamuna Oil, Maksons Spinning, Grameenphone, Lanka Bangla Finance, Power Grid, Prime Bank and Shinepukur Ceramics were the other leading turnover leaders.
Leading gainers were led by Monno Stafflers, followed by Sonali Aansh, Pioneer Insurance, ICB, Pharma Aid, Asia Pacific Insurance, Savar Refractories, Asia Insurance, Legacy Footwear and Bangladesh Autocars.
Prominent losers included First ICB, International Leasing and Financial Services, National Housing Finance and Investment, AMCL (Pran), Atlas Bangladesh, Keya Cosmetic, Olympic Industries, Rahim Textile and Standard Ceramics.
Dhaka stocks maintained their upward trend for the 13th straight session Thursday in spite of profit selling in the morning.
The DSE General Index (DGEN), the main gauge of exchange, finished with a fresh rise of 14.27 points or 0.30 per cent at 4722.09, bolstered by both general and life insurers that nudged 3.37 per cent and 0.74 per cent higher respectively.
The broader DSE All Shares Price Index (DSI) gained 14.62 points or 0.37 per cent to 3904.65, while the DSE-20 blue chip index shed 6.28 points or 0.22 per cent to 2744.51.
After year-end account closure, growing presence of institutional investors might raise hopes that market is heading for new highs but fears that the longest stretch of gains may cause dents in the price flare-ups, analysts opined.
The market gained pace within the first twenty minutes, putting on 15 points but in the next one hour fell with little bumps on profit taking on financials and pharmaceuticals.
But for the rest of the time it once again peaked up and finished marginally higher.
The turnover was Tk 11.0 billion, down slightly 3.10 per cent over the previous session but still maintaining healthy turnover with strong buying and selling activities.
Rising stocks took a fair lead over the decliners as out of 242 issues traded, 169 ended in the positive territory, 71 closed in the negative and two remained unchanged.
Grameenphone, the country's largest mobile operator and the most weighted share in DSE, dropped 1.32 per cent to finish at Tk 193.80.
The banking sector, the market's bellwether, was down 0.34 per cent as majority of banks declined.
Non-banking financial institutions (NBFIs) sector ended in the positive territory because of the gain in the four big companies -- ICB, Lanka Bangla Finance, Prime Finance and IDLC Finance -- but majority of the companies dropped. State-owned ICB witnessed the sharpest gain of 9.56 per cent.
The pharmaceuticals sector lost 0.12 per cent, reversing the gaining trend in the last several days. Energy sector advanced 0.32 per cent, cement 0.92 per cent and tannery 0.33 per cent.
Most of the multinational companies continued to edge higher with Lafarge leading the way by gaining 1.90 per cent.
Beximco Ltd topped the turnover list with shares worth Tk 907.24 million changing hands.
AB Bank, Titas Gas, Jamuna Oil, Maksons Spinning, Grameenphone, Lanka Bangla Finance, Power Grid, Prime Bank and Shinepukur Ceramics were the other leading turnover leaders.
Leading gainers were led by Monno Stafflers, followed by Sonali Aansh, Pioneer Insurance, ICB, Pharma Aid, Asia Pacific Insurance, Savar Refractories, Asia Insurance, Legacy Footwear and Bangladesh Autocars.
Prominent losers included First ICB, International Leasing and Financial Services, National Housing Finance and Investment, AMCL (Pran), Atlas Bangladesh, Keya Cosmetic, Olympic Industries, Rahim Textile and Standard Ceramics.