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Heavy buying drives stocks PDF Print E-mail
Wednesday, 26 March 2008


Stocks closed upbeat Tuesday, driven by heavy buying by investors into different sectors, mainly banks, after a period of profit-taking.

Several brokerage houses told that their clients, particularly the banks, had spent freely throughout the day.

"A buying spree among investors is usual after a week of profit-taking," said Bashir Ahmed, an investment consultant.

Dhaka Stock Exchange chief executive Salahuddin Ahmed said it looked as though investors were reshaping their portfolios, with a special eye on banks.

The DSE's general index rose sharply at the start of trade, dipping midday, before rising again to close higher.

The benchmark DGEN or general index rose 58.74 points, or 2.01 percent, to end on 2972.08. The DSI or all-share price index finished at 2512.90, up 45.19 points, or 1.83 percent.

The bourse's blue-chip DSE-20 advanced 42.01 points, or 1.85 percent, to end on 2306.42.

Turnover on the country's prime bourse increased to Tk 2.42 billion from 15,150,918 traded shares.

Advancers beat decliners 17 to 71, with six issues remaining unchanged.

Trading saw the prices of pharmaceuticals and power companies advance, following losses the previous day.

Mutual funds closed mixed, while banks returned to the turnover board with continued gains from Monday.

Power Grid Company of Bangladesh emerged at the top of the turnover board, rising 5.24 percent to end on Tk 687.

Banking heavyweight, AB Bank ended on Tk 3304.75, up 1.16 percent.

Square Pharma finished 2.23 percent higher at Tk 3893.25.

Uttara Bank continued to gain, ending on Tk 4967.25, up 7.72 percent.

Beximco Pharma advanced 1.28 percent to close at Tk 79.10.

Among other scrips on the turnover board: DESCO, Apex Adelchi Footwear, IFIC, Lanka Bangla Finance and Lafarge Surma Cement gained.

Indices on the Chittagong Stock Exchange also rose, with all the sectors advancing except mutual funds.

Services & properties, paper & printing and the leather sector enjoyed the largest gains.

The CSCX or selective categories index surged 171.23 points, or 3.39 percent, to end on 5209.89. The CASPI or all-share price index finished at 8091.25, up 239.88 points, or 3.05 percent.

The CSE-30 blue-chip advanced 122.75 points, or 1.80 percent, to close at 6926.91.

Turnover on the port city's bourse slightly rose to Tk 365.37 million from Tk 346.75 million the previous day.

Of the 143 traded issues, 107 advanced and 35 lost.

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