DGEN pulls off record points | The Daily Star
11:00 PM, June 28, 2009 / LAST MODIFIED: 11:00 PM, June 28, 2009

DGEN pulls off record points

Dhaka stocks started the week yesterday with a big jump in prices, driven by bank, fuel and power shares.
With the rise in share prices, the benchmark index of Dhaka Stock Exchange, DSE General Index (DGEN), crossed 2900 points after more than eight months.
The DGEN shot up by 59.41 points, or 2.05 percent, to 2950.47. The DGEN closed at 2,918.55 points on October 16 last year.
The DSE All Share Price Index also went up 48.83 points, or 2.02 percent, to 2,465.93.
Arif Khan, deputy-managing director of IDLC Finance, said the market is rallying on the back of possible rate cuts in corporate tax for financial institutions by the government and investment of undisclosed money in the share market.
"The market is passing through a positive mood," he said. It is a good sign that fundamentally-strong companies such as banks and power companies are dominating the trading.
In its daily market analysis, Equity Partners Limited (EPL), an investment firm, said the market looked positive throughout the day. The biggest gain was noticed in the first 30 minutes when the benchmark index went up around 40 points.
Almost all sectors, led by the banks, gained during this period. "The possibility of the banks getting a tax cut of 2-3 percentage points has fuelled gains in most banks," the EPL said.
Presently, financial institutions including banks pay 45 percent corporate tax.
Most banks gained with many of them increasing significantly. ICB Islamic Bank rose the highest 11.5 percent followed by Islami Bank with a 8 percent gain and Premier Bank with a 6.1 percent rise.
During the mid-session, the market did not move much. In the last 60 minutes, the market started going up. "The fuel and power sector led the gain during this period," EPL said.
In the fuel and power sector, Titas Gas gained 5.2 percent, Powergrid 4.5 percent, Desco 2 percent and Summit Power 1.7 percent.
In the Beximco Group, Beximco Limited gained 2.8 percent, Bextex 1.48 percent, Beximco Pharma 7.65 percent, Beximco Synthetics 0.66 percent, BD Online 4.33 percent and Shinepukur Ceramics 1.68 percent.
Among other sectors, non-bank financial institutions, pharmaceuticals, insurance, cement, services and real estate and tannery gained.
Mutual funds however lost yesterday.
The advancers beat the losers 148 to 103. Three securities remained unchanged. A total of 3,75,46,495 shares worth Tk 775.21 crore traded on the prime bourse.
Beximco Pharma topped the turnover leaders, with 46,63,750 shares worth Tk 85.43 crore being traded, followed by Titas Gas, AB Bank, Beximco, Powergrid, Bextex, Summit Power, Islami Bank, ACI Formulations and Premier Bank.
Chittagong stocks also posted a large gain yesterday. The CSE Selective Categories Index jumped by 136.77 points, or 2.1 percent, to 6,638.76. The CSE All Share Price Index went up 203.78 points, or 2.02 percent, to 10,256.81.
A total of 67,11,387 shares worth Tk 96.59 crore changed hands on the Chittagong Stock Exchange. Of the traded issues, 109 advanced, 61 declined and three remained unchanged.
Beximco Pharma topped the turnover leaders on the port city bourse with 7,32,600 shares worth Tk 13.43 crore being traded. The other turnover leaders were AB Bank, Bextex, Beximco, Titas Gas, Islami Bank, LankaBangla Finance, Square Pharma, Summit Power and ACI Formulations.

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