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Stocks see sharp rise as turnover hits 13-week high

  • Published at 04:03 am May 15th, 2013
Stocks see sharp rise as turnover hits 13-week high

Stocks registered sharp rise for the fourth straight session yesterday with turnover crossing to Tk4bn mark after 13-week.

The rally was led mainly by insurers and financial institutions that gained more than 6% each.

The benchmark DSE General Index, DGEN, rose 81 points or 2% to close at 3957 — highest since March 19 this year.

The new benchmark, DSEX, gained 91 points or 2.47% to 3771. The DSE30 ended 19.45 points or 1.42% higher to 1380.

The Chittagong Stock Exchange Selective Category Index, CSCX, was up 178.72 points to 7432.62.

“Positive budgetary expectation has boosted investors’ sentiment,” said MA Hafiz, director of AAA Consultant. But investors should be cautious while picking up stocks, he said.

Participation continued to increase significantly as daily DSE turnover stood at Tk4.23bn, which was 43.38% higher over the previous session and highest since February 20 last.

With market sentiment getting further boost from political developments, the bourse made a stronger advancement, driving the indices, said IDLC Investment in its analysis.

While budgetary expectations and earnings outlook continue to drive the market, recent rally seemed to kick start a rise in fresh investments, as previously inactive investors seemed to come out of hibernation, it also said.

The turnover crossed Tk4bn mark after 52 trading days, indicating enthusiastic participation from both individual and institutional investors, according to Lanka Bangla Securities.

Among positive performing scrips, mutual funds and insurance companies demonstrated the highest momentum.

General insurance rose 6.66%, financial institutions 6.15%, power 2.64%, pharmaceuticals 2.02% and banks 1.12%.

United Airways was the most traded stock with shares worth Tk200m changing hands.

It was followed by Orion Pharma, Summit Purbanchol Power Company Ltd, Square Pharma, Generation Next, Aamra Technologies, Titas Gas and Beximco.