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 Energy continues to fuel market

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Posts : 105
Join date : 2010-05-27

PostSubject: Energy continues to fuel market   Sat Jun 12, 2010 5:35 am

FE Report

Dhaka Stock Exchange (DSE) displayed a shining performance for the fourth consecutive week that ended Thursday, as its price indices continued to set new records.

Energy issues dominated the week expecting a good news from the budget speech. However, the finance minister in his budget speech increased 61.50 per cent spending in the sector in an effort to confront head-on the twin power and gas crisis.

Buying binge was also witnessed in other major sectors -- banks, leasing and cement -- while telecommunications and pharmaceuticals sector closed negative in the past week.

During the week, the benchmark DSE General Index (DGEN) gained 57.03 points or 0.92 per cent to close at 6259.70 -- its all time high.

The broader All Shares Price Index (DSI) surged by 52.18 points or 1.02 per cent to 5159.57, while the DSE-20 blue chip index lost marginally 7.26 points or 0.21 per cent to 3427.56.

Profit taking and fear of tax imposition on individual investors' profits caused the market to fall in the first two sessions.

But the market bounced back strongly in the last three sessions when fear of tax slapping on individual investors dispelled.

Majority sectors posted gains during the week with fuel and power emerging highest gainer in the week.

AMA Muhith in his budget speech said, "The government would spend Tk 61.15 billion in new power generation, grid expansion, gas discoveries and development in the fiscal year 2010-11 to ease the crisis that have plagued the economy for years."

Banking sector -- one fourth of the market capitalisation -- gained 1.77 per cent and leasing or non-banking financial institutions rose 3.33 per cent.
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