Optimism in stocks caps 2011
Stocks ended the year 2011 amid optimism among investors of a new beginning ahead, with turnover reaching a one-month high yesterday.
Investors went for cheerful trading to buy shares.
The benchmark General Index, the gauge of Dhaka Stock Exchange, closed at 5,257.61 points, after gaining 36.65 points or 0.71 percent.
The market capitalisation to GDP ratio declined 33.23 percent, compared to the previous year. In 2011, the government received Tk 117.62 crore in tax from the stockmarket, according to data from the Dhaka Stock Exchange.
Akter H Sannamat, a chartered accountant and market analyst, said the market capitalisation to GDP ratio and government tax declined as the volume of turnover declined in 2011.
“The market experienced a series of downtrends but ended the year with the intervention of the prime minister which is a good sign for market,” Sannamat said.
He said the market would be the source of money to develop infrastructure.
The market ended on a positive note as institutional and individual investors eagerly wait to start a new beginning in 2012, said LankaBangla Securities in its daily market analysis.
Buoyant investors were mostly attracted to small-cap shares. Large-cap sectors were immovable due to low volume activity. A significant volume is required to move the large caps and make them vibrant, it said.
The gauge was initially up more than 60 points within 35 minutes of the first trading session, but then started declining for about 90 minutes. The market eventually recovered at the end of the day.
Turnover gained 6.4 percent compared to the previous day. A total of 1.47 lakh trades were executed, generating a turnover of Tk 559 crore with 11.09 crore shares being traded on the premier bourse.
Among the major sectors, banks gained 0.23 percent, non-bank financial institution 0.35 percent, general insurance 1.25 percent, and pharmaceuticals 0.66 percent.
Grameenphone, which represent the telecommunication sector, gained 0.86 percent.
A total of 268 issues traded: 197 advanced, 52 declined and 19 remained unchanged.
MI Cement Factory Ltd topped the turnover leader with 12.38 lakh shares worth Tk 13.51 crore changing hands.
Renwick Jajneswar was the biggest gainer of the day as it posted a 9.95 percent rise. Reliance One The First Scheme of Reliance Insurance was the worst loser, plummeting by 5.60 percent.
The Chittagong Stock Exchange gained yesterday. The Selective Categories Index went up 80.71 points or 0.85 percent to end the day at 9,572.67.
Gainers beat losers 127 to 41 with 26 securities remaining unchanged on the port city bourse, which traded more than 89.29 lakh shares and mutual fund units on a value of Tk 44.12 crore.
Comments