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 Dhaka stocks gain moderately on energy issues

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Posts : 105
Join date : 2010-05-27

PostSubject: Dhaka stocks gain moderately on energy issues   Thu Jun 10, 2010 5:39 am

FE Report

Dhaka stocks posted a moderate gain at close Wednesday, hitting third biggest high on aggressive buying of energy stocks on anticipation that the government might give special focus on power sector in the budget to be unveiled today (Thursday).

The DSE General Index (DGEN), the main gauge of the market, ended at 6104.84 with a rise of 18.34 points or 0.29 per cent. The broader All Shares Price Index (DSI) was up by 0.26 per cent or 13.35 points to 5106.22. The DSE 20 index comprising the blue chip shares ended at 3404.54 with a rise of 0.91 per cent or 0.02 points.

Investors ran after fuel and power sector, pushing it nearly three per cent high, as the government gave importance on power sector to ease the nagging power crisis faced by the country, dealers said.

Among the fuel and power sector companies, Power Grid gained highest 7.83 per cent, followed by Titas Gas 4.95 per cent, DESCO 3.01 and Summit Power 1.86 per cent.

Fuel and power sector also saw the largest volume of share transaction with all of them featuring in the top ten turnover table.

Titas topped the turnover list with shares worth Tk 2.2 billion, followed by Power Grid Tk 1.06 billion, Summit Power Tk 638.74 million. Other turnover leaders were Beximco Ltd, AB Bank, Pubali Bank, DESCO and LankaBangla Finance.

"Gain in energy sector, backed by huge turnover in this sector, helped the market to edge higher," said BRAC-EPL in its daily market commentary.

Highest volume of power share transaction pushed the turnover to Tk 17.8 billion, an impressive increase of 30 per cent over the previous session.

Telecommunication sector, one fifth of the market capitalisation, closed red, as Grameenphone, the lone listed company in this sector, declined 1.17 per cent to close at Tk 270.40.
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