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Banks and insurers drive stocks PDF Print E-mail
Thursday, 01 May 2008

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Bourses ended higher Wednesday, paced by heavy buying into major scrips of banks, insurers, pharmaceuticals and ICB mutual funds.

Turnover and the trading volume on the country's twin bourses also recorded an increase from the previous day. Investors mostly traded in majors in pharmaceuticals, banks, insurers and the mutual funds of Investment Corporation of Bangladesh.

"Dividend declarations of some other issues led their prices to go up," said an official of brokerage house Anchor Securities. Market watchers termed the day's trading satisfactory and said that everything was on track.

"The market's performance is satisfactory; everything including the trading pattern and indices are quite normal," DSE vice-president Ahmad Rashid Lali told bdnews24.com.

The benchmark DGEN or general index rose in the first two hours of trade only to fall afterwards. It however remained stable in midday trade and rose sharply towards the end to close 18.93 points, or 0.62 percent higher at 3072.85. The DSI or all-share price index ended on 2593.26, advancing 14.49 points, or 0.56 percent from the previous day.

The bourse's blue-chip DSE-20 however fell 2.68 points, or 0.11 percent, to close at 2355.24. Turnover crept up to Tk 2.72 billion from Tuesday's Tk 2. 46 billion, with 13,403,250 shares changing hands. Decliners outnumbered advancers 167 to 73 and six issues remained unchanged.

AB Bank topped the turnover board and continued its gains to close 4.61 percent higher at Tk 3993.25. Pharmaceuticals major ACI ended 12.12 percent lower at Tk 244.30 while Square Pharma eroded previous day's losses and advanced 0.09 percent to Tk 4552.25.

Among the other scrips on the turnover board, Trust Bank, UCBL and Uttara Bank rose on buying pressure. State owned Jamuna Oil and Beximco Pharma declined after investors locked in profits.

Indices on the Chittagong Stock Exchange also ended higher, influenced by gains in mutual funds, banks and energy issues. The CSCX or selective categories index rose 39.90 or 0.71 percent to 5594.37 while the CASPI or all-share price index ended on 8655.76, up 56.01 points or 0.65 percent.

The CSE-30 blue-chip index increased 83.35 points or 1.12 percent to 7502.15. Turnover on the port city's bourse surged to Tk 435.33 million from 2,379,039 traded shares, from Tk 296.48 million the previous day.

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