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Stocks close higher for second day PDF Print E-mail
Friday, 08 August 2008

Agency

Dhaka stocks closed higher for a second day on Wednesday, driven by insurers, non-bank financial institutions and power companies.

The country's prime bourse saw an increase in the prices of more than 61 percent traded scrips.

The benchmark DGEN or general index started the day in the positive but started to fall on the second hour. It recovered losses in the midday sessions before falling towards the end of trade to close 20.36 points or 0.75 percent higher at 2734.70.

The DSI or all-share price index rose 18.48 points or 0.79 percent to 2351.38. The blue-chip DSE-20 closed at 2499.27, up by 16.41 points or 0.66 percent.

Indices on the Chittagong Stock Exchange closed mixed with ICT, cement and insurance shares witnessing large gains.

Huge losses in bank shares led the all-share index to edge down.

The CSCX or selective categories index closed at 5454.63, rising 19.86 points or 0.36 percent.

The CASPI or all-share price index crept down 1.76 points or 0.02 percent to 8415.96. The bourse's blue-chip CSE-30 advanced 47.63 points, or 0.62 percent, to end on 7693.30.

Buying ruled the day's trading with banks and pharmaceuticals closing mixed, an official with brokerage house IDLC Securities told bdnews24.com.

Turnover on the DSE reached Tk 2.51 billion, with 11,027,834 shares changing hands, down from Tk 3.56 billion the previous day.

Advancers beat decliners 136 to 71, with 14 issues holding steady.

Turnover from 2,139,998 traded shares on the port city bourse reached to Tk 319.56 million.

Of the 129 traded issues, 78 gained, 45 lost and six remained unchanged.

Market participants said trading perked from the previous day due to the energy ministry's clarification that Titas has complied with the direct listing regulations.

"This led TItas to top the turnover board for two straight days," said a top official of a brokerage firm, asking not to be named.

He however, doubted the sustainability of the upward trend, as, according to him, it was not natural.

"The Titas thing led the market up," he told bdnews.com.

Investment consultant Bashir Ahmed echoed him and added that market participation was going down again.

"The lower trading volume and turnover of Wednesday reflects that," said Bashir who is with brokerage house Stocks & Bonds.

Turnover leader Titas Gas lost 3.75 percent to finish at Tk 326.50 following Tuesday's huge surge.

Second in line, Beximco Pharmaceuticals edged up 0.54 percent at Tk 111.30.

Lanka Bangla Finance gained 1.63 percent to Tk 223.70 while Beximco fell 4.03 percent to Tk 126.10 after investors locked in profits.

Square Pharmaceuticals crept up 0.30 percent to Tk 4048.

Among the other scrips on the turnover board—Keya Cosmetics, UCBL and ACI—slipped on profit-taking.

British American Tobacco Bangladesh Company and National Tubes advanced.

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