Turnover up amid high expectation on DSE
FE Report | Saturday, 9 April 2011
FE Report
Dhaka stocks passed another positive week with substantial rise in the turnover value as expectation ran high among the investors on flotation of much expected Bangladesh Fund. The market sentiment was not affected at all due to the submission of probe report on the stock market scam. The probe committee formed to investigate the reasons behind the large scale correction on January 25 this year submitted its findings to Finance Minister AMA Muhith Thursday, the last trading day of the week. The probe committee emphasized mainly on reconstruction of the market mechanism and Securities and Exchange Commission (SEC) rather than pointing out to any particular person for the unusual fall, according to the published media report. Meanwhile, in the five trading sessions during the week, two sessions incurred loss in index and three sessions gained. Out of the five trading sessions, daily turnover also crossed Tk 10 billion in the four trading sessions except Wednesday. Total turnover for the week increased significantly and stood at Tk 52.63 billion compared to the previous week's Tk 41.62 billion. The daily average turnover in the week was Tk 10.53 billion in value terms, up by 26.46 per cent from Tk 8.32 billion in the previous week. During the week, the benchmark index, DGEN rose 188.50 points or 2.97 per cent to end 6,540.60 points. The broader DSE All Shares Price Index (DSI) ended at 5,424.38, rising 149.25 points or 2.83 per cent. The DSE-20 index including blue chips went up by 1.60 per cent or 63.34 points to 4031.72. At the end of the week, the total market capitalisation and stood at Tk 2,920.33 billion up by 2.28 per cent, from Tk 2,855.30 billion, opening day of the week. Out of 262 issues traded during the week, 176 advanced, 79 declined and seven issues remained unchanged. Most of the major sectors finished positively during the week. Banks and NBFIs gained 2.10 per cent and 5.92 per cent respectively while general insurances surged 10.39 per cent and life insurances 3.49 per cent compared with the previous week. Among others, pharmaceuticals gained 2.04 per cent, telecommunications 0.69 per cent and fuel and power 0.53 per cent during the week while cement and tannery lost 1.62 per cent and 0.56 per cent respectively. In continuation of the previous week's upbeat mood, the Dhaka stocks started the week with rising trend in the index as DGEN rose 94.90 points or 1.49 per cent and settled at 6,447.00. Turnover remained virtually the same as the previous session at Tk 10.3 billion. On Monday, the market also closed 88.87 points or 1.38 per cent higher and ended at 6,535.87 as investors opted to buy some particular sectors share heavily, despite a hartal enforced by Islamic forces. Total turnover slightly increased 3.20 per cent to Tk 10.60 billion on the day. On Tuesday, the market entered into negative zone, snapping four straight sessions of rally, shedding 80.07 points or 1.23 per cent amid volatility remained in the majority part of the trading. Investors opted to booked profit from their previous purchase on that day. However, the day's total turnover increased substantially and stood at Tk 11.48 billion in value terms, up by 8.3 per cent. On Wednesday, the market closed at 6,454.05 with a marginal loss of 0.03 per cent or 1.76 points with turnover slashed to a lower level as the investors were cautious in their trading mainly due to much-talked stock-scam probe report. On Thursday, The market finished on a positive note with DGEN moving up by 86.55 points or 1.34 per cent to close at 6,540.60 points. Turnover for the day was significantly higher than the previous day amounting to Tk 12.1 billion. Gemini Sea Food was the week's top gainer posting 27.59 per cent rise during the week. It was followed by Rahim Textile, Paragati Insurance, Libra Infusions Limited, United Leasing, RAK Ceramics, Ambee Pharma, ACI Limited, Takaful Islami Insurance Limited and Eastern Insurance. Aftab Automobiles topped the week's turnover leader with share worth Tk 2.11 billion changing hands. BEXIMCO Limited, Peoples Leasing & Fin Services, Confidence Cement, BEXTEX Limited, BSRM Steels Limited, National Bank, Bay Leasing & Investment Ltd and Titas Gas were the other turnover leaders of the week. The week's prominent losers included Union Capital, Peoples Leasing & Fin Services, Jamuna Bank, Trust Bank, Reliance Insurance, Social Islamic Bank Ltd, Savar Refractories, Chittagong Vegetable, Sonargaon Textile and Lafarge Surma Cement. During the week, a total of six companies announced corporate declaration for the year 2010. Of them BSRM Steels recommended 20 per cent bonus, Islamic Finance 16 per cent bonus, Premier Leasing 20 per cent bonus, Sonargaon Textile 10 per cent bonus, United Insurance 10 per cent cash and 20 per cent bonus and United Leasing recommended 7.50 per cent cash and 75 per cent bonus for their share-holders.
Dhaka stocks passed another positive week with substantial rise in the turnover value as expectation ran high among the investors on flotation of much expected Bangladesh Fund. The market sentiment was not affected at all due to the submission of probe report on the stock market scam. The probe committee formed to investigate the reasons behind the large scale correction on January 25 this year submitted its findings to Finance Minister AMA Muhith Thursday, the last trading day of the week. The probe committee emphasized mainly on reconstruction of the market mechanism and Securities and Exchange Commission (SEC) rather than pointing out to any particular person for the unusual fall, according to the published media report. Meanwhile, in the five trading sessions during the week, two sessions incurred loss in index and three sessions gained. Out of the five trading sessions, daily turnover also crossed Tk 10 billion in the four trading sessions except Wednesday. Total turnover for the week increased significantly and stood at Tk 52.63 billion compared to the previous week's Tk 41.62 billion. The daily average turnover in the week was Tk 10.53 billion in value terms, up by 26.46 per cent from Tk 8.32 billion in the previous week. During the week, the benchmark index, DGEN rose 188.50 points or 2.97 per cent to end 6,540.60 points. The broader DSE All Shares Price Index (DSI) ended at 5,424.38, rising 149.25 points or 2.83 per cent. The DSE-20 index including blue chips went up by 1.60 per cent or 63.34 points to 4031.72. At the end of the week, the total market capitalisation and stood at Tk 2,920.33 billion up by 2.28 per cent, from Tk 2,855.30 billion, opening day of the week. Out of 262 issues traded during the week, 176 advanced, 79 declined and seven issues remained unchanged. Most of the major sectors finished positively during the week. Banks and NBFIs gained 2.10 per cent and 5.92 per cent respectively while general insurances surged 10.39 per cent and life insurances 3.49 per cent compared with the previous week. Among others, pharmaceuticals gained 2.04 per cent, telecommunications 0.69 per cent and fuel and power 0.53 per cent during the week while cement and tannery lost 1.62 per cent and 0.56 per cent respectively. In continuation of the previous week's upbeat mood, the Dhaka stocks started the week with rising trend in the index as DGEN rose 94.90 points or 1.49 per cent and settled at 6,447.00. Turnover remained virtually the same as the previous session at Tk 10.3 billion. On Monday, the market also closed 88.87 points or 1.38 per cent higher and ended at 6,535.87 as investors opted to buy some particular sectors share heavily, despite a hartal enforced by Islamic forces. Total turnover slightly increased 3.20 per cent to Tk 10.60 billion on the day. On Tuesday, the market entered into negative zone, snapping four straight sessions of rally, shedding 80.07 points or 1.23 per cent amid volatility remained in the majority part of the trading. Investors opted to booked profit from their previous purchase on that day. However, the day's total turnover increased substantially and stood at Tk 11.48 billion in value terms, up by 8.3 per cent. On Wednesday, the market closed at 6,454.05 with a marginal loss of 0.03 per cent or 1.76 points with turnover slashed to a lower level as the investors were cautious in their trading mainly due to much-talked stock-scam probe report. On Thursday, The market finished on a positive note with DGEN moving up by 86.55 points or 1.34 per cent to close at 6,540.60 points. Turnover for the day was significantly higher than the previous day amounting to Tk 12.1 billion. Gemini Sea Food was the week's top gainer posting 27.59 per cent rise during the week. It was followed by Rahim Textile, Paragati Insurance, Libra Infusions Limited, United Leasing, RAK Ceramics, Ambee Pharma, ACI Limited, Takaful Islami Insurance Limited and Eastern Insurance. Aftab Automobiles topped the week's turnover leader with share worth Tk 2.11 billion changing hands. BEXIMCO Limited, Peoples Leasing & Fin Services, Confidence Cement, BEXTEX Limited, BSRM Steels Limited, National Bank, Bay Leasing & Investment Ltd and Titas Gas were the other turnover leaders of the week. The week's prominent losers included Union Capital, Peoples Leasing & Fin Services, Jamuna Bank, Trust Bank, Reliance Insurance, Social Islamic Bank Ltd, Savar Refractories, Chittagong Vegetable, Sonargaon Textile and Lafarge Surma Cement. During the week, a total of six companies announced corporate declaration for the year 2010. Of them BSRM Steels recommended 20 per cent bonus, Islamic Finance 16 per cent bonus, Premier Leasing 20 per cent bonus, Sonargaon Textile 10 per cent bonus, United Insurance 10 per cent cash and 20 per cent bonus and United Leasing recommended 7.50 per cent cash and 75 per cent bonus for their share-holders.