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DSE turnover touches highest mark

Budget speculations push indices up

Star Business Report
Stocks rallied yesterday ahead of the national budget, which might announce incentives for the market.
Backed by the rally, the premier bourse also witnessed the highest-ever single day turnover of Tk 781.68 crore. The previous figure was Tk 672.76 crore on Thursday.
The benchmark index of the Dhaka Stock Exchange, DSE General Index, rocketed by 106.98 points, or 3.98 percent to 2,790.46, while the key index of Chittagong Stock Exchange jumped by 253.44 points, or 4.27 percent to6,176.3.
Assuming some favourable declarations in the 2009-10 fiscal budget, announcement of which is only four days away, both retail and institutional investors are upbeat on the capital market. Bank and other non-banking financial institution (NBFI) securities are their areas of interests for now, say analysts.
Newspapers report that the government is going to allow investment of undisclosed money in stock market with a 10 percent lax from July 1 for a 3-year period up to 2012.
The possible reduction in corporate tax for banks and NBFIs will raise the profitability of those sectors shares.
As the market expects such incentives, the investors are leaning towards banking shares, considered as fundamental ones, and prices are now cheaper," Iftikhar-Uz-Zaman, general manager of Investment Corporation of Bangladesh, told The Daily Star.
Speculations over the future huge appreciation of bank and NBFI share prices now grip investors, he also pointed out.
Apart from the two sectors, he said, the investors are also focusing on power sector shares, as they expect a special emphasis on the sector.
On the DSE floor, all banks gained with a 10 percentsurge in the prices of shares. "The market expects an investment of the major portion of undisclosed money in the banking sector," says the daily market analysis by
Equity Partners Limited, an investment firm.
Among the NBFIs, Prime Finance gained the highest 5.4 percent, while First Leasing lost 2.4 percent.
Other than the banking sector, general insurers gained the highest. Average gain in the sector is more than 5 percent.
in the fuel and power sector, all major players gained. Titas Gas rose by highest 3.8 percent and Desco by 1.4 percent. Fuel companies however lost on profit taking.
The advancers beat the losers on the DSE 147 to 90. Five scrips remained unchanged. A total of 3,47,43,620 shares were traded on the prime bourse.
On the port city bourse, a total of 52,00,233 shares worth Tk 83.37 crore changed hands. Of the traded issues, 97 advanced, 58 declined and four remained unchanged.