FE Report (October 14, 2010)
Dhaka stocks ticked higher for the third straight session Wednesday, with the benchmark index DGEN crossing 7500-mark for the first time.
The market seesawed in the morning, but later continued to climb steadily, as investors bet on banks and non-banking financial institutions (NBFIs).
The benchmark DSE General Index (DGEN) gained 0.67 per cent or 50.40 points to close at a new high of 7513.45 just in a span of four trading sessions. The previous all time high was 7480.33.
The broader All Shares Price Index (DSI) rose 0.65 per cent or 40.48 points to 6243.15. The DSE-20 Index, comprising blue chips, was up by 0.19 per cent or 8.62 points to 4429.14.
The market was scoring new records, defying the warnings of bourses and regulators of possible massive price correction.
"Though the market closed broadly higher, but the gains were capped on caution that the securities regulator might impose new measures to curb heavy fund inflow," said a merchant banker.
The Securities and Exchange Commission (SEC) is yet to issue an order on loan adjustment period after winning a legal battle on margin loan.
On Sunday, the Supreme Court vacated the High Court order that stayed an SEC directive for merchant banks and stockbrokers to comply a net asset value (NAV) based calculation for credit disbursement and loan maintenance.
Banks, the market's bellwether, rose 1.31 per cent, and NBFIs rose 2.88 per cent. On the other hand, telecommunications, pharmaceuticals, and fuel and power sectors declined due to price correction.
Out of the 243 issues traded, 147 gained, 95 advanced, and one remained unchanged. Turnover remained almost unchanged at Tk 20.33 billion from the previous session's Tk 20.18 billion with banks dominating the turnover chart.
One Bank topped the turnover list with shares worth Tk 760.73 million traded. Other turnover leaders were Peoples Leasing, Premier Bank, ILFSL, Uttara Finance, Shahjalal Bank, Prime Finance, One Bank, RN Spinning and Beximco Ltd.
Northern Insurance was the top gainer, registering a rise of 8.11 per cent, followed by ICB, Takaful Insurance, Sonarbangla Insurance, NCC Bank, BD Welding, 5th ICB, Fidelity Asset and UCBL.
The prominent losers included Dhaka Fisheries, Safko Spinning, Metro Spinning, Apex Weaving, Ambee Pharma, Standard Ceramics, Beximco Synthetic, Keya Cosmetics and Ibn Sina.
Dhaka stocks ticked higher for the third straight session Wednesday, with the benchmark index DGEN crossing 7500-mark for the first time.
The market seesawed in the morning, but later continued to climb steadily, as investors bet on banks and non-banking financial institutions (NBFIs).
The benchmark DSE General Index (DGEN) gained 0.67 per cent or 50.40 points to close at a new high of 7513.45 just in a span of four trading sessions. The previous all time high was 7480.33.
The broader All Shares Price Index (DSI) rose 0.65 per cent or 40.48 points to 6243.15. The DSE-20 Index, comprising blue chips, was up by 0.19 per cent or 8.62 points to 4429.14.
The market was scoring new records, defying the warnings of bourses and regulators of possible massive price correction.
"Though the market closed broadly higher, but the gains were capped on caution that the securities regulator might impose new measures to curb heavy fund inflow," said a merchant banker.
The Securities and Exchange Commission (SEC) is yet to issue an order on loan adjustment period after winning a legal battle on margin loan.
On Sunday, the Supreme Court vacated the High Court order that stayed an SEC directive for merchant banks and stockbrokers to comply a net asset value (NAV) based calculation for credit disbursement and loan maintenance.
Banks, the market's bellwether, rose 1.31 per cent, and NBFIs rose 2.88 per cent. On the other hand, telecommunications, pharmaceuticals, and fuel and power sectors declined due to price correction.
Out of the 243 issues traded, 147 gained, 95 advanced, and one remained unchanged. Turnover remained almost unchanged at Tk 20.33 billion from the previous session's Tk 20.18 billion with banks dominating the turnover chart.
One Bank topped the turnover list with shares worth Tk 760.73 million traded. Other turnover leaders were Peoples Leasing, Premier Bank, ILFSL, Uttara Finance, Shahjalal Bank, Prime Finance, One Bank, RN Spinning and Beximco Ltd.
Northern Insurance was the top gainer, registering a rise of 8.11 per cent, followed by ICB, Takaful Insurance, Sonarbangla Insurance, NCC Bank, BD Welding, 5th ICB, Fidelity Asset and UCBL.
The prominent losers included Dhaka Fisheries, Safko Spinning, Metro Spinning, Apex Weaving, Ambee Pharma, Standard Ceramics, Beximco Synthetic, Keya Cosmetics and Ibn Sina.
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