Tuesday, November 16, 2010

DSE hits new high at 8,443 points

Dhaka Stock Exchange (DSE) ended trading yesterday at a new high as the market gained 1.63 per cent before the closing of the market for Eid -ul-Azha.
Dhaka Stock Exchange (DSE) ended trading yesterday at a new high as the market gained 1.63 per cent before the closing of the market for Eid -ul-Azha.
According to Shakil Rezvi, president of Dhaka Stock Exchange, “The market has already expanded and buyers have invested their idle money in the market before the vacation – this was not seen previously.”
This behavior of investors marked a change in their attitude and a new trend in investment policy. As result, the market was in a buying mode yesterday, he added.
The benchmark DSE General Index (DGEN) rose 135 points to close at 8443 points, a new record in index for the first time in the history of DSE as the market started with a flying jump of 105 points which continued up to the end of trading.
All the key sectors were in the positive territory and out of the 139 scrips traded, 192 recorded gains, 41 lost value and six remained unchanged.
Professor Dr. Salauddin Ahmed Khan. Ex CEO of Dhaka Stock exchange, took a differing view According to him, stock market players were at present mostly businessmen taking a position in the market and doing trades to park their additional cash flow in stocks.
He cautioned that profit taking could become difficult after the Eid festival.
Normal investors usually withdrew their money before Eid and this was the common phenomenon in the market in earlier years. This year, the market behaved differently.
Total turnover increased Tk 3 billion comparing to the previous trading day with turnover touching Tk 25.73 billion.
The broader DSE all share price index (DSI) was up by 113 points or 1.6 per cent to close at 7007 which was also a new benchmark for the market.
Banks, financial institutions, mutual fund, insurance, engineering, pharmaceuticals all the sectors were in the positive mode.
Telecom giant GP supported the market gain significantly, rising Tk 11 yesterday.
The market will remain closed up to November 20 from today for the holy occasion Eid Ul Azah.
Investors participation of the market was spontaneous. All through the day the market performed very well, said brokers.
Investors invested their money to the market before the vacation and the buying pressure was high as a result, they added.
United Commercial Bank Limited topped the top traded companies yesterday, trading TK 1073 million, followed by Beximco, Southeast Bank, Social Islami Bank, AB Bank, Square Pharma, Peoples Leasing & Financial Services, Heidelberg Cement and Shah Jalal Islami Bank.
Among major gainers, Dulamiya Cotton gained 17.49 pert cent to close at Tk 319.
Other gainers include Malek Spinning, Federal Insurance, Desh Garments, Safko Spinning, H R Textile, Monno Ceramics, Hakkani Pulp and Paper, Jute Spinning and Talli Spinning.
-The Independent

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