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 DSE turnover hits fresh high

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DSE turnover hits fresh high Empty
PostSubject: DSE turnover hits fresh high   DSE turnover hits fresh high EmptyTue Jun 15, 2010 5:19 am

FE Report

Dhaka stocks closed flat Monday with the single-day turnover hitting a fresh high of Tk 24.40 billion on strong buying and selling spree.

The market was in the positive territory until afternoon on buying binge of banking stocks but it moved into red zone started as selling pressure came in late hour.

The DSE General Index (DGN), the main yardstick of the market, ended at 6324.97 with a meager fall of 0.12 per cent or 7.71 points, cutting back early gains of 78 points.

The broader All Shares Price Index (DSI) lost 0.08 per cent or 4.67 points to 5213.58. The DSE 20 index comprising the blue chip shares gained 0.80 per cent or 28 points to 3544.75.

Single-day turnover on the bourse clocked ever highest of Tk 24.40 billion, beating the previous all-time high of Tk 23.05 billion set on May 17 this year.

"Strong buying and selling pressures pushed the single-day turnover to a new height," said RY Shamsher, head of AB Investment Bank.

"Buying in the morning and selling in afternoon, led the market to close flat," he said.

Brokers said retaining capital gain earned by individual investors tax-free led to feverish activity facilitating the establishment of a new record.

Demand spilled over to insurance, some banking and leasing stocks and thus the unprecedented buoyancy gained momentum, they said.

Banking sector, which makes up one-fourth of DSE's market capitalisation, finished flat, breaking its winning run in the last three sessions.

Majority of the banking issues closed in red despite being traded in green in the first half of the trading session.

Among the banks, United Commercial Bank jumped highest 10.83 per cent followed by IFIC Bank 5.68 per cent and Trust Bank 4.12 per cent.

Premier Bank, ICB Islamic Bank and Bank Asia were the big losers.

Non-banking financial institutions (NBFIs) or leasing sector gained 1.50 per cent despite share prices of the majority companies declining as the heavyweight ICB advanced 3.62 per cent.

General insurers moved up 3.22 per cent to emerge as top gainer on the day while life insurers dropped 0.66 per cent.

Telecommunications, cement and tannery closed negative while mutual fund sector remained unchanged at the end of the day.

Pharmaceuticals sector went up marginally by 0.31 per cent, maintaining its positive trend for the second straight session.

Fuel and power sector finished mixed, after ending lower in the previous session.

Gainers took a lead over the losers as out of 252 issues traded, 133 gained and 110 lost.

Titas Gas topped the turnover list with shares worth Tk 1.30 billion changing hands.

Other turnover leaders were AB Bank, Beximco Ltd, Power Grid, National Bank, Summit Power, Premier Bank and Shahjalal Bank.

RAK Ceramic, tiles and sanitary ware maker that made debut in the previous session, was the largest loser posting a fall of 8.42 per cent to Tk 190.30 a share.
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