Stocks stay bullish for fifth week
Dhaka stocks continued a bull-run for the fifth week, with a record-breaking rally in the key indices.
Week-on-week, the benchmark index of the Dhaka Stock Exchange, DSE General Index (DGEN), rose 122 points, or 1.64 percent to 7,615. The index also crossed 7,600 points level for the first time.
The last week's bull-run was driven by fuel and power sector companies, particularly by Titas Gas' announcement of more-than-expected dividends. The state-run energy company declared a 10 percent stock dividend and 25 percent cash dividend.
Titas also decided to transfer assets of Brahmanbaria-Ashuganj unit to Bakhrabad Gas Systems Limited at a price of Tk 1,200 crore.
"Titas gained 9.7 percent amid favourable annual results and a corporate declaration about asset transfer. The investors reacted positively to the news," according to a weekly analysis by Brac-EPL, an investment firm.
A stockbroker said this has given an impetus in the market, as investors are now expecting such hefty dividends from other fuel and power companies.
Apart from energy sector, other major sectors also finished positive.
Among the big gainers, non-banking financial institutions gained 2.21 percent, general insurances 0.8 percent, life insurances 0.91 percent and pharmaceuticals 0.18 percent.
In contrast, banks lost their ground by 0.14 percent, telecom 0.48 percent, cement 0.16 percent and tannery 0.91 percent.
Advancers beat losers 144 to 102 on the floor of the premier bourse, which traded more than 39.53 crore shares and mutual fund units on a value of Tk 8,171 crore.
Market capitalisation stood at Tk 3,28,792 crore, up by 0.88 percent.
Titas Gas topped the list of turnover leaders, followed by People's Leasing and Financial Services, Beximco Limited, Summit Power and Lankabangla Finance.
National Tea was the largest gainer, followed by Bay Leasing and Investment, Prime Insurance, Apex Foods and Pharma Aids.
Monno Stafflers was the biggest loser, followed by BGIC, Agni Systems, ICB AMCL 1st NRB Mutual Fund and Anwar Galvanizing.
Chittagong stocks also rose last week, with the CSE Selective Categories Index increasing 1.19 percent to 14,190.
More than 4.73 crore shares and mutual fund units were traded on the Chittagong Stock Exchange on a value of Tk 746 crore.
Gainers beat losers 123 to 74, with four securities remaining unchanged on the port city bourse.
Titas Gas topped the list of turnover leaders, followed by UCB, Beximco, United Airways and Summit Power.
Miracle Industries was the largest gainer, followed by Bay Leasing and Investment, Saiham Textile Mills, Safko Spinning and Eastern Housing.
Apex Weaving was the biggest loser, followed by Monno Frabrics, Popular Life 1st Mutual Fund, Asia Insurance and Progressive Life Insurance.
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