Stock index soars to new high

The benchmark index of the premier bourse crossed the 3,400-point mark for the first time yesterday, riding on banking stocks as most banks posted better-than-expected quarterly financial results.

The DSE General Index (DGEN) gained 20.89 points, or 0.61 percent, finishing the day at 3,412.92.

The listed banks were disclosing their financial statements for the third quarter to September 30, 2009 during the last few days.

“The banking sector gained the most today [yesterday] following good third quarter results,” said an analysis by Brac EPL, an investment bank.

Among the biggest gainers, Dutch-Bangla Bank advanced by 8.18 percent, while Uttara Bank by 10.40 percent and NCC Bank by 5.53 percent.

Prices of the banking stocks, the bellwether of the market, remained low for a long time on concern of negative impact on their earnings in the wake of global recession.

But the third quarter results led the sector to rally, said a Dhaka Stock Exchange member.

The broader DSE All Share Price Index increased 17.68 points, or 0.62 percent, to 2,853.71.

The Gainers and losers were similar in number as 116 went to the positive territory, while the same were in the red side. Three securities however remained unchanged.

A total of 3,34,24,897 shares and mutual fund units worth Tk 951.78 crore were traded on the Dhaka bourse.

Titas Gas topped the turnover leaders with 10,59,000 shares worth Tk 74.29 crore being traded.

Uttara Finance, that rose 10.85 percent, was the biggest gainer on the DSE, while Bangas was the top loser that declined 9.98 percent.

Chittagong stocks also posted rise yesterday. The CSE Selective Categories Index gained 35.6 points, or 0.48 percent, to 7,389.71. The CSE All Share Price Index increased 54.7 points, or 0.46 percent, to 11,730.4.

A total of 49,64,266 shares and mutual fund units worth Tk 94.27 crore changed hands on the Chittagong Stock Exchange. Of the traded issues, 71 advanced, 85 declined and two remained unchanged.

Saiham Textile Mills, which went up by 16.98 percent, was the largest gainer, while Mercantile Insurance that declined by 15.25 percent was the biggest loser.

AB Bank topped the turnover leaders with 75,125 shares worth Tk 7.05 crore being traded on the port city bourse.