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DGEN hits 10-week high

  • Published at 03:43 am May 17th, 2013
DGEN hits 10-week high

Stocks witnessed sharp rise yesterday with the benchmark index, DGEN, soaring more than 10-week high.

The indices have been maintaining an upward trend since the beginning of this month, barring two brisk falls amid profit taking, including Wednesday.  

The DSE General Index, DGEN, yesterday rose 81 points or 2% to close at 3982 — highest since March 5 this year.

The new benchmark, DSEX, gained 58 points or 1.56% to 3773.78. The DSE30 ended 21 points or 1.55% higher to 1383.

The Chittagong Stock Exchange Selective Category Index, CSCX, was up 121.50 points to 7444.51.

Apart from the market bellwether banks that currently remained under pressure due to their poor first quarter earnings, all the major sectors posted gains.

Telecommunications was the highest gaining sector that posted a rise of 4.38%, driven by Grameenphone that closed 4.59% higher.

Power sector came second rising 4% with four of the top ten most traded stocks coming from this sector.

Non-banking financial institution was up 2.11% and pharmaceuticals 1.54%. 

The market was also lively with a total turnover of Tk4bn, marginally down by 3.2% over the previous session. Out of 275 issues traded, 235 advanced, 33 declined and seven remained unchanged.

Some quarterly earnings came on the day displaying a mix of positive and negative profitability figures, according to the DSE website.

Orion Pharmaceuticals continued to top turnover leaders with shares worth Tk198m changing hands following its impressive dividend declarations on Wednesday. Its share prices rallied nearly 9%, including 4.3% gained in the previous session.  

After Orion Pharma, Khulna Power Company, United Airways, Summit Purbanchol Power Company Ltd, Beximco Ltd and Generation Next.

Premier Leasing rose highest 9.91%, followed by GBB Power and Pragati Insurance that gained 9.77% each, after the three companies published their healthy Q1 earnings result.