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Stocks boost amid 11-week high turnover

  • Published at 08:03 am May 14th, 2013
Stocks boost amid 11-week high turnover

Stocks continued to rally for the third session in a row yesterday with turnover nearing to Tk3bn-mark after 11-week.

The rally was led by mainly telecommunications that gained more than 5% and insurers more than 4%.

After experiencing initial volatility, the benchmark DSE General Index, DGEN, rose 59 points or 1.55% to close at 3876.

It hit its highest 3894.53 in the final session and lowest 3806.77 in mid-session, generating intra-day volatility of 88 points.

Brokers said investors might have taken profit from last two-day gains, pushing down the indices for a while. The investors took position again in the late session, pulling up the indices sharply.                                                               

The new benchmark, DSEX, gained 40 points or 1.1% to 3679. The DSE30 ended 17 points or 1.30% higher to 1360.

The Chittagong Stock Exchange Selective Category Index, CSCX, was up 81.27 points to 7254.

Participation increased significantly, as daily DSE turnover stood at Tk2.95bn, which was 13.12% higher than the previous session and highest since February 27 last.

The high turnover indicated that both the institutional and individual investors were taking positions in this deeply discounted market, according to Lanka Bangla Securities.

It said investors were probably speculating significant incentives for capital market in the upcoming budget for 2013-14 as this is an election year.

Out of 277 issues traded, 181 advanced, 84 declined and 12 remained unchanged.

Q1 expectations-driven movements continued to dominate the bourse, as 21 out of the 29 stocks with 5% rise each had earnings declarations recently, said IDLC investment in its analysis.

Budgetary expectations also contributed to pull in investors to the market, it said.

But participation centered on scrips having high volatility, consisting mostly new scrips and Q1 surprise makers.

Telecommunication gained highest 5.71%, led by Grameenphone and Bangladesh Submarine Cable Company Ltd (BSCCL) that was up 5.7% and 6.2% respectively

General Insurance soared 4.06%, non-banking financial institutions 1.44% and power 0.97%. Banks and pharmaceuticals ended flat after modest gain in the previous session.

Orion Pharma was the most traded stock with shares worth Tk1.48bn changing hands.

It was followed by Summit Purbanchol Power Company Ltd, United Airways, BSCCL, Active Fine, Aamra Technologies, and Unique Hotel and Resorts.

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