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Stocks hit 8-week high

  • Published at 08:37 am May 13th, 2013
Stocks hit 8-week high

Stocks rose sharply yesterday with the benchmark index DGEN climbing to nearly 8-week high, driven by mainly financial institutions, banks, pharmaceuticals and energy issues.

Analysts attributed better-than-expected Q1 earnings and positive budgetary expectations to the upswing of the market.

The DSE General Index, DGEN, closed at 3817 with a rise of 74 points or 2% - highest since March 24 this year.

The new benchmark DSEX gained 80.55 points or 2.26% to close at 3639. The DSE30 ended 21 points or 1.58% higher to 1343.

The Chittagong Stock Exchange Selective Category Index, CSCX, was up 165 points to 7173.

Participation also spiked up, as daily DSE turnover made a 55.26% improvement to Tk2.62bn, which was the highest since March 25 last.

“While improvement in the political front helped push up sentiment a bit, Q1 earnings was at the heart of activities,” said IDLC Investment in its analysis.

Simultaneously, it said, budgetary expectations seemed creating ripples across the market.

“Latest data says that foreign exchange reserve was $15.06bn. On the other hand, domestic credit demand is low. So there is a liquidity glut forming in the banking sector,” said Lanka Bangla Securities.

Prevailing anticipations about some favorable government moves for the betterment of the capital market seem to have driven the indices to get geared up, it said.

Gainers took a string lead over the losers as out of 275 issues traded, 237 advanced, 37 declined and one remained unchanged.

All the major sectors gained with non-banking financial institutions rising highest 4.35%, pharmaceuticals 2.03%, power 2.01%, banks 1.28% and telecommunications 1.11%.

United Airways Ltd was the most liquid stock with shares worth Tk1.09bn changing hands.

It was followed by United Airways, Olympic Industries, Orion Pharma, Generation Next, Square Pharmaceuticals and RN Spinning. 

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