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Friday, 06 June 2008

Bdnews24.com

Dhaka stocks edged up Wednesday amid investors' continuous buying and selling in a mixed portfolio across the day to reap benefits.

The country's twin bourses recorded a substantial increase in turnover and trading volume.

"Investors kept us engaged with a large number of buying and selling orders in a bid to make maximum profit out of the day's trading," an official of brokerage house Latif Securities told bdnews24.com.

Market observers said that the trend was not harmful for the market, but that rumors had influenced it.

"Such trading pattern is not harmful; it increases trading volume of the market and in some way will help retail investors mature," DSE chief executive Salahuddin Ahmed told bdnews24.com.

But the problem was that rumors led them to trade in ways that sometimes may cause massive overpricing of issues, he added.

The DGEN or general index rose during the first three hours of trade. It fell afterwards due to profit taking to end at 13.20 points or 0.42 percent up at 3138.63 from that of the previous day.

The DSI or all-share price index ended on 2664.07, up by 11.40 points or 0.42 percent while the bourse's blue chip DSE-20 crept up 6.18 points or 0.24 percent to 2574.95.

Turnover on the country's prime bourse edged up to Tk 4.98 billion from Tk 4.45 billion through 32,022,823 shares changing hands.

Of the traded issues, 125 advanced, 104 declined and nine remained unchanged.

AIMS 1st Mutual Fund continued to top the turnover board, advancing 6.49 percent at Tk 26.73.

AB Bank, second in line, also continued to rise due to buying pressure. It ended 2.39 percent on Tk 1474.25.

BRAC Bank rose to Tk 1120 during the day's trade on reports of market regulator's nod to issue right shares. Profit -taking led it to finish 3.94 percent lower at Tk 1101 later.

Buying spree caused Grameen Mutual Fund One to close at Tk 177.60, up by 4.77 percent from that the previous day while market major Square Pharmaceuticals trickled down 0.01 percent to end on Tk 5292.25.

All the other scrips on the turnover board—Lanka Bangla Finance, Shahjalal Bank, Union Capital, S Alam Cold Rolled Steel Mills and IFIC Bank—advanced.

Indices on the Chittagong Stock Exchange ended higher paced by large gains in ICT, services & property and ceramic shares.

The CSCX or selective categories index rose 68.78 points or 1.15 percent to 6034.38 while the CASPI or all-share price index ended on 9342.49, surging107.68 points or 1.16 percent.

The CSE-30 blue-chip index gained 59.47 points or 0.73 percent to finish at 8175.57.

Turnover on the port city's bourse surged to Tk 734.36 million from Monday's Tk 656.77 million from 5,957,765 traded shares.

Gainers beat losers 85 to 66 and four issues held steady.

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