Dhaka stocks extended their rally to a sixth consecutive session yesterday to finish the session bullish, with the daily turnover value on the rise.
DSE General Index, 11 March 2011
The benchmark DGEN index of Dhaka Stock Exchange (DSE) advanced 323 points or 5.10 per cent to close at 6,639 points yesterday. The DGEN index of the premier bourse of the country advanced more than 1,300 points or 25 per cent in last six trading sessions.
“Investors’ confidence restored due to active participation of institutional investors as well as individual investors,” said a stockbroker.
The prices of junk shares are also increasing irrationally, which is a bad sign for the market, said Akter H Sannamat, a market analyst.
Continuous rise in indices is not a sign of matured market, said an asset manager urging the investors to be cautious.
Daily turnover value also climbed to Tk 14.9 billion yesterday, which is 20 per cent higher than that of the previous session.
All the major sectors gained yesterday to keep the market up. Banks, non-banking financial institutions, telecommunication and fuel and power gained 6.66 per cent, 4.04 per cent, 3.56 per cent and 3.48 per cent respectively.
The broader DSE All Share Price Index (DSI) also shot up 262 points or 5.01 per cent to end at 5,497 while the DSE-20 Index surged by 181 points or 4.41 per cent to 4,288.
A total of 256 issues traded on the floor during the session of which 244 added value, 10 declined while the rest two remained unchanged.
Beximco, One Bank, Peoples Leasing and Financial Services, Beximco Textile, Makson Spinning, National Bank, United Airways, Titas Gas, Union Capital and Grameenphone were the turnover leaders of the day.
Eastland Insurance was the highest gainer due to its corporate declaration of 37 per cent stock dividend and rights offers. The others gainers were Saiham Textile, Federal Insurance, Al-Arafa Islami Bank, Khulna Power Company, CMC Kamal, united Commercial Bank, Quasem Drycell, Rupali Insurance and Jamuna Bank.
The worst losers of the day were Kohinoor Chemicals, MBL First Mutual Fund, Aziz Pipes, Eastern Lubricant, Apex Adelchi Footwear, Islami Bank Mudaraba Perpetual Bond.
News Source: The Daily Sun