FE Report (October 08, 2010)
The Dhaka Stock Exchange (DSE) recorded the highest turnover in its history and the benchmark index extended record-breaking run for the 11th straight session Thursday after buying ignited from banks.
Continued fresh fund flow helped turnover pass Tk 28.0 billion-mark for the first time, dealers said.
The DSE General Index (DGEN), the main gauge of the market, continued to see unprecedented rise registering a gain of 0.91 per cent or 67.72 points to reach at a new high of 7480.33, driven by banking issues that rose more than four per cent.
Most other major sectors, including non-banking financial institutions, insurances, pharmaceuticals, fuel, power and engineering declined on profit booking.
The broader All Shares Price Index (DSI) was up by 0.86 per cent or 53.33 points to 6224.13. The DSE-20 Index comprising blue chips gained 0.78 per cent or 34.25 points to 4407.13.
Turnover clocked at Tk 28.0 billion, which was an all time high. The previous highest turnover was Tk 24.89 billion recorded on October 3 last.
The buying euphoria was confined to the banking issues -- more than one third of the market capitalisation -- which increased by 4.46 per cent. Thirteen out of 30 banks gained more than five per cent each.
The inflow of funds along with the price appreciation boosts investors' confidence in the banking sector, according to the BRAC-EPL, an investment bank.
"Fresh fund flow took both the indices and turnover to a new height," said Rezaul Haque, senior vice president of Prime Finance and Investment Ltd.
"This was also a continuation of a bull-run that is being experienced for the last several days," he added.
Losers thrashed the gainers as out of 241 issues traded, 88 advanced, 149 declined and four remained unchanged.
A leading stockbroker said, "The all-time high turnover and another record index closing exhibits the intensity of the current bull-run, mainly inspired by speculative upward swing of the market."
He said the market, however, looks extremely overbought and technical correction is long over due.
Grameenphone -- the most weighted shares in DSE and the country's top mobile phone operator -- was down by 1.31 per cent, extending its losing streak for the second session in a row.
Summit Power, the country's largest local independent power producer, topped the turnover leaders with shares worth Tk 1.0 billion changing hands.
It was followed by Peoples Leasing, Premier Bank, Exim Bank, Beximco Ltd, United Commercial Bank Ltd, Prime Finance, Lanka Bangla Finance, Square Pharmaceuticals and AB Bank.
First Security Bank was the top gainer posting a rise of 10.72 per cent after the news that it got green signal from the Securities and Exchange Commission (SEC) to issue one rights share against existing five shares.
Standard Bank came second followed by United Commercial Bank Limited,
Kay and Que, Exim Bank, Ambee Pharma, Gemini Sea Food, Dhaka Bank, Southeast Bank and Mercantile Bank.
Golden Son, an engineering company, had the largest fall of 25.44 per cent on price correction.
AIMS First Mutual Fund was the second loser dropping 10.38 per cent, ending its two consecutive sessions of biggest gains.
Apex Weaving, Savar Refractories, Desh Garments, Jamuna Bank, Reliance Insurance, Republic Insurance, Agrani Insurance and Pioneer Insurance were the leading losers.
The Dhaka Stock Exchange (DSE) recorded the highest turnover in its history and the benchmark index extended record-breaking run for the 11th straight session Thursday after buying ignited from banks.
Continued fresh fund flow helped turnover pass Tk 28.0 billion-mark for the first time, dealers said.
The DSE General Index (DGEN), the main gauge of the market, continued to see unprecedented rise registering a gain of 0.91 per cent or 67.72 points to reach at a new high of 7480.33, driven by banking issues that rose more than four per cent.
Most other major sectors, including non-banking financial institutions, insurances, pharmaceuticals, fuel, power and engineering declined on profit booking.
The broader All Shares Price Index (DSI) was up by 0.86 per cent or 53.33 points to 6224.13. The DSE-20 Index comprising blue chips gained 0.78 per cent or 34.25 points to 4407.13.
Turnover clocked at Tk 28.0 billion, which was an all time high. The previous highest turnover was Tk 24.89 billion recorded on October 3 last.
The buying euphoria was confined to the banking issues -- more than one third of the market capitalisation -- which increased by 4.46 per cent. Thirteen out of 30 banks gained more than five per cent each.
The inflow of funds along with the price appreciation boosts investors' confidence in the banking sector, according to the BRAC-EPL, an investment bank.
"Fresh fund flow took both the indices and turnover to a new height," said Rezaul Haque, senior vice president of Prime Finance and Investment Ltd.
"This was also a continuation of a bull-run that is being experienced for the last several days," he added.
Losers thrashed the gainers as out of 241 issues traded, 88 advanced, 149 declined and four remained unchanged.
A leading stockbroker said, "The all-time high turnover and another record index closing exhibits the intensity of the current bull-run, mainly inspired by speculative upward swing of the market."
He said the market, however, looks extremely overbought and technical correction is long over due.
Grameenphone -- the most weighted shares in DSE and the country's top mobile phone operator -- was down by 1.31 per cent, extending its losing streak for the second session in a row.
Summit Power, the country's largest local independent power producer, topped the turnover leaders with shares worth Tk 1.0 billion changing hands.
It was followed by Peoples Leasing, Premier Bank, Exim Bank, Beximco Ltd, United Commercial Bank Ltd, Prime Finance, Lanka Bangla Finance, Square Pharmaceuticals and AB Bank.
First Security Bank was the top gainer posting a rise of 10.72 per cent after the news that it got green signal from the Securities and Exchange Commission (SEC) to issue one rights share against existing five shares.
Standard Bank came second followed by United Commercial Bank Limited,
Kay and Que, Exim Bank, Ambee Pharma, Gemini Sea Food, Dhaka Bank, Southeast Bank and Mercantile Bank.
Golden Son, an engineering company, had the largest fall of 25.44 per cent on price correction.
AIMS First Mutual Fund was the second loser dropping 10.38 per cent, ending its two consecutive sessions of biggest gains.
Apex Weaving, Savar Refractories, Desh Garments, Jamuna Bank, Reliance Insurance, Republic Insurance, Agrani Insurance and Pioneer Insurance were the leading losers.
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