Bangladesh News

Thursday
Jan 18th
Home arrow News arrow Business News arrow Stocks maintain rally on banks
Stocks maintain rally on banks PDF Print E-mail
Thursday, 03 April 2008

Agency

The country's bourses continued to rally Wednesday for a third consecutive day influenced by investors' heavy buying into bank shares.

Total turnover also saw a significant rise from the previous day. Analysts termed the day's trading as positive, but warned that if the trend continues without proper profit-taking and price adjustments the market could become overheated.

Investors opted for shares in banks and some pharmaceuticals majors throughout the day, according to brokerage houses. "We had to deal with huge buying orders from our clients mainly on banks with some pharmaceuticals issues," an official of brokerage house Latif Securities told bdnews24.com.

DSE chief executive Salahuddin Ahmed said that investors favored banks on anticipation of corporate declarations, which pushed indices up. Market observer, and CEO of AIMS of Bangladesh, Yaweer Sayeed said he was happy with Wednesday's trading pattern. "It has been a good day with heavy buying amid relatively low profit taking," he told bdnews24.com.

Sayeed, however, was concerned about market overheating if the trend for low profit taking continued. The Dhaka Stock Exchange general index rose sharply on the opening bell and maintained its upward trend throughout the day.

The benchmark DGEN or general index ended at 3077.15, surging 51.58 points, or 1.70 percent. The DSI or all share price index climbed 38.50 points or 1.50 percent to 2593.03. The bourse's blue-chip DSE-20 ended up 20.39 points or 0.87 percent to 2346.21. Turnover totalled Tk 3.39 billion from trading of 26,987,785 shares.

Losers beat gainers 139 to 106 and 13 issues remained unchanged. IFIC Bank topped the turnover board, closing 5.69 percent higher at Tk 3042.50. AB Bank ended at Tk 3580.50, up 0.78 percent. Square Pharmaceuticals rose 4.64 percent to Tk 4384. Eastern Bank advanced 36.4 percent to close at Tk 1352.50 following a corporate declaration.

The bank has recommended a 34 percent stock dividend and one rights share against two existing shares, subject to the approval of the SEC. AIMS 1st mutual fund fell on profit taking, closing 1.49 percent down at Tk 10.52.

Among the other scrips on the turnover board—Grameen Mutual Fund One, Beximco Pharmaceuticals and Keya Cosmetics ended lower. Uttara Bank and Square Textiles advanced. All the indices on the Chittagong Stock Exchange ended up with pharmaceuticals, engineering and banks enjoying the largest gains.

The CSCX or selective categories index gained 92.79 points or 1.70 percent to close at 5524.99. The CASPI or all share price index ended at 8526.47, up 124.01 points or 1.47 percent. The CSE-30 blue-chip index surged 231.20 points or 3.21 percent to 7422.44. Turnover on the port city's bourse reached Tk 609.07 million from trading of 5,780, 374 shares

Comments Add New
Write comment
Name:
Email:
  We don't publish your mail. See privacy policy.
Title:
Please input the anti-spam code that you can read in the image.
 
< Prev   Next >