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DSE turnover soars to historic high

Bank shares drive market

Star Business Report
Single-day turnover on the premier bourse crossed Tk 1,000 crore mark yesterday, carving out a new milestone in the history of Bangladesh's capital market.
Bank shares contributed the highest or quarter of the total turnover. The banks also recovered all of its losses year-to-date for the first time this year, Equity Partners Limited (EPL), an investment firm, said in its daily market analysis.
Banks had a "fantastic day" with most of them gaining more than 5 percent. Biggest movers were Mercantile Bank with a 12.6 percent rise, Jamuna Bank with 10.3 percent and ICB Islamic Bank with 10.3 percent gains.
Turnover reached the highest-ever Tk 1,149.71 crore on Dhaka Stock Exchange (DSE), surpassing the previous highest of Tk 942.19 crore on June 30.
The benchmark DSE General Index (DGEN) jumped 59.44 points, or 1.97 percent, to 3,069.7. The DSE All Share Price Index also shot up 48.63 points, or 1.92 percent, to 2,568.78.
The market regulator and experts said the market started receiving investment of undisclosed money following the government's permission through the budget.
The experts however said the continuous gain in share prices would lead the market to an overvalued situation.
For orderly growth of the market, supply of shares should be ensured first, said Abu Ahmed, professor of economics at Dhaka University.
Ahmed also urged the government to offload its stakes in different entities to match with rising demand for new shares.
Anwarul Kabir Bhuiyan, executive director of Securities and Exchange Commission, said the landmark turnover indicates that undisclosed money is being invested in the market.
He however said the commission is watching price movement of some bank shares, as their existing market value does not match with their fundamentals.
Bhuiyan also urged investors to be cautious before making investment in securities.
Advancers beat losers 132 to 99. Three securities remained unchanged. A total of 6,04,78,198 shares traded on the prime bourse.
The EPL analysis said mutual funds were another big performer yesterday. All mutual funds gained on news that the SEC was going to approve the Grameenphone IPO, in which 10 percent shares are reserved for all mutual funds. Grameen Mutual Fund One: Scheme Two gained highest 15.8 percent.
Beximco topped the turnover leaders, with 26,12,500 shares being traded worth Tk 83.91 crore, followed by Beximco Pharma, Titas Gas, Summit Power, AB Bank, Bextex, Grameen Mutual Fund One: Scheme Two, Shinepukur Ceramics, LanakBangla Finance and Southeast Bank.
Chittagong stocks also posted a sharp gain yesterday. The CSE Selective Categories Index shot up 120.27 points, or 1.77 percent, to 6,892.5. The CSE All Share Price Index also went up 165.2 points, or 1.57 percent, to 10,642.87.
A total of 1,11,45,931 shares worth Tk 163.03 crore changed hands on the Chittagong Stock Exchange. Of the traded securities, 85 advanced, 80 declined and five remained unchanged.
AB Bank topped the turnover leaders on the port city bourse with 1,09,425 traded shares worth Tk 11.68 crore. The day's other turnover leaders were Beximco Pharma, Beximco, Bextex, Grameen Mutual Fund One: SchemeTVvo, Shinepukur Ceramics, Social Islami Bank, LankaBangla Finance, National Bank and Southeast Bank.