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DSE index touches record high PDF Print E-mail
Tuesday, 03 June 2008

Bourses rallied to gains on Sunday, driven by a buying spree with the general index on Dhaka Stock Exchange touching a new high.

The DGEN or general index closed at 3207.89 points, surpassing the previous record of 3133.49 points on May 26.

A brokerage house official told that massive buying occurred Sunday in market favourites such as banks, pharmaceuticals and insurers.

"Profit-taking was very low mostly on privately managed mutual funds," added the official of Lanka Bangla Securities preferring anonymity.

Analysts cautioned that the market was overheating, posing risks to retail investors.

"Certain scrips are highly overpriced, posing risks to the market while retail investors are continuing to put money on them disregarding the fundamentals," said Bashir Ahmed, an investment consultant with brokerage house Stocks & Bonds.

DSE chief executive Salahuddin Ahmed echoed the investment expert and said the situation might turn risky for retail investors.

"In the wake of this volatile situation, market gamblers might be onto reaping gains by manipulation," he added.

The DGEN or general index sharply rose in the first two hours of trading and maintained an upward curve throughout the day to end 39.90 points or 1.25 percent higher at 3207.89.

The DSI or all-share price index ended on 2716, rising 33.12 points or 1.23 percent while the bourse's blue chip DSE-20 rose 61.77 points or 2.43 percent to 2602.50.

Turnover on the country's prime bourse amounted to Tk 2.34 billion through 23,440,914 shares changing hand.

Gainers outnumbered losers 147 to 86 while four issues held steady.

Beximco Pharmaceuticals topped the turnover board, closing at Tk 83.70, up by 5.01 percent.

AIMS 1st Mutual Fund followed it to finish 3.30 percent lower at Tk 22.81 after investors locked in profits.

Market major Square Pharmaceuticals ended on Tk 5397.25, rising 2.74 percent from the previous day.

Buying pressure led Al-Arafah Islami Bank to rise 16.08 percent to Tk 535.75 while Square Textiles advanced 6.40 percent to Tk 141.20.

Profit-taking led Keya Cosmetics, a chemicals bigwig, to end 0.84 percent lower on Tk 82.60.

Among the other scrips—S Alam Cold rolled Steels, UCBL, Keya Cosmetics and Uttara Banks—also saw their prices going up.

BRAC Bank lost on profit-taking.

Indices on the Chittagong Stock Exchange also ended upbeat paced by huge gains in the blue chips.

The CSCX or selective categories index rose 63.22 points or 1.07 percent to 5933.30 while the CASPI or all-share price index ended on 9199.20, advancing 97.63 points or 1.07 percent.

The CSE-30 blue-chip index surged 141.92 points or 1.78 percent to finish at 8079.82.

Turnover on the port city's bourse amounted to Tk 554.34 million from 4,644,360 traded shares.

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