Stocks continue rally
Ahead of a four-day vacation on account of Eid and public holidays, record-breaking rally continued in the Dhaka Stock Exchange yesterday with the key index reaching a new high, backed by price appreciation in the banking sector shares.
The market will resume on Tuesday next.
Experts said market was rallying riding on banking shares, on which investors are betting on speculation of good returns.
The year 2009 heading towards an end next month and the banks are scheduled to announce their corporate results including dividends, said an expert.
Besides, he said, the banks whose paid-up capital is still below Tk 400 crore will have to raise the capital to this level by December next year under Basel II.
“The banks will do it by declaring bonus dividends or issuing rights shares that encouraged many investors put money on the sector on expectation of good returns,” he said.
DSE General Index, the benchmark index of the premier bourse, gained 55.43 points, or 1.28 percent to a new height of 4,380.94 points.
BRAC-EPL, an investment firm, in its daily analysis also said the bank rally and the appreciation of Grameenphone has pushed the market forward.
The banking sector advanced heavily as the whole sector went up by 4.30 percent. All the banks gained except Rupali Bank. Pubali Bank was the highest gainer that jumped 14.36 percent.
The telecommunication sector, which comprises only Grameenphone, advanced marginally by 0.39 percent, as the cell phone operator's shares continued to carry the momentum for the last six consecutive sessions.
The broader DSE All Share Price Index increased 44.94 points, or 1.25 percent to 3,632.4.
The non-bank financial institutions finished mixed, while mutual funds, pharmaceuticals and energy and power sector shares were in the red.
Advancers beat losers 142 to 25. Two securities however remained unchanged. A total of 2,93,01,807 shares and mutual fund units worth Tk 912.63 crore were traded on the prime bourse.
Beximco topped the turnover leaders with 15,04,200 shares worth Tk 44.69 crore being traded.
Pubali Bank was the largest gainer that rose 14.36 percent, while Alltex was the largest loser declining 12.12 percent on the DSE.
Chittagong stocks also marked a rise yesterday. The CSE Selective Categories Index increased 110.39 points, or 1.35 percent to 8,240.93. The CSE All Share Price Index gained 169.05 points, or 1.34 percent to 12,768.5.
A total of 40,93,156 shares and mutual fund units worth Tk 82.84 crore changed hands on the port city bourse. Of the traded securities, 94 advanced, 61 declined and five remained unchanged.
Social Islami Bank topped the turnover leaders with 3,21,900 shares worth Tk 9.85 crore being traded on Chittagong Stock Exchange.
Pioneer Insurance, which advanced 14.12 percent, was the biggest gainer, while Alltex, which declined 13.67 percent, was the biggest loser.
Comments