DSE turnover sets new record | The Daily Star
12:00 AM, January 11, 2010 / LAST MODIFIED: 12:00 AM, January 11, 2010

DSE turnover sets new record

Hasina's visit to India jives up power shares

The single-day turnover on the premier bourse reached a new high of Tk 1,325 crore yesterday, backed by price rallies in the power sector shares that were riding on the prime minister's visit to India and a probable deal on electricity import.
Prime Minister Sheikh Hasina left Dhaka yesterday evening on a three-day visit to India. According to media reports, an agreement on power sharing between Bangladesh and India would be signed during her visit.
Market insiders said the investors were betting on state-owned power companies on anticipation that the companies would be assigned for transmission and distribution of the imported electricity from India, resulting in more business and profitability.
The craze was for two state-owned enterprises -- Power Grid Company of Bangladesh (Powergrid) and Dhaka Electric Supply Company (Desco).
On the Dhaka Stock Exchange (DSE) yesterday, each Powergrid share advanced by 4.3 percent to Tk 819, while each Desco share went up by 3.8 percent to Tk 1,634.75.
A huge transaction in the two companies' shares also put them on the second and fourth positions in the list of top turnover leaders. A total of 720,800 Powergrid shares worth Tk 58.08 crore were traded on the DSE, while a total of 251,850 Desco shares worth Tk 40.66 crore changed hands.
“The record level turnover is the reflection of investors' continued confidence in the market,” said Yawer Sayeed, managing director of AIMS of Bangladesh, an asset management company.
“However, the momentum is required to be sustained by attending to the supply side deficiency,” he said.
The rally in the power sector shares also pushed up the benchmark index, DSE General Index, to a new high of 4,730.74 points, which rose by 8.64 points, or 0.18 percent. The broader DSE All Share Price Index increased 13.03 points, or 0.33 percent, to 3,917.69.
However, the major market movers such as banking, non-bank financial institutions and telecom sectors declined yesterday.
Advancers beat losers 127 to 113. Four securities remained unchanged. A total of 3,95,87,648 shares and mutual fund units were traded on the prime bourse.
Beximco topped the turnover leaders with 30,32,500 shares worth Tk 99.06 crore being traded on the DSE.
S Alam Cold Roll Steel Mill, which advanced 13.73 percent, was the largest gainer, while 2nd ICB Mutual Fund, which declined 5.76 percent, was the biggest loser.
Chittagong stocks also marked a slight rise. The CSE Selective Categories Index gained 8.7 points, or 0.09 percent, to 8,928.73. The CSE All Share Price Index increased 33.52 points, or 0.24 percent, to 13,780.94.
A total of 42,56,186 shares worth Tk 80.56 crore changed hands on the Chittagong Stock Exchange. Of the traded securities, 74 advanced, 95 declined and eight remained unchanged.
S Alam Cold Roll Steel Mill was the biggest gainer, rising 14.85 percent, while Olympic Industries was the largest loser, declining 11.9 percent.
Beximco topped the turnover leaders with 180,100 shares worth Tk 5.87 crore being traded on the port city bourse.

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