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Tuesday, April 14, 2009

Dhaka stocks' turnaround continues

The Financial Express

Dhaka stocks gained for the second straight day Monday, led by continued rally in share prices of the banks.

Trading at the Dhaka Stock Exchange (DSE) began in a downbeat mood, however, but ended higher at the end, lifted mainly by banking stocks.

The DSE General Index (DGEN) - the benchmark index finished at 2467.39 with a gain of 29.60 points. The All Shares Price Index (DSI) and DSE-20 comprising blue chip rose 23.20 points and 26.02 points to end at 2052.08 and 1933.23 respectively.

Besides banks, most of the mutual funds, general insurance and tannery issues gained while power and energy, engineering and most of the pharmaceuticals sectors lost. Non-banking financial institutions could not maintain the momentum seen on the previous day.

Price rise in banking stocks has sent the market into the green like the previous day, according to the stockbrokers.

"The market behaved rational in the last days as the investors chose fundamentally strong shares, which is good for the market," said a merchant banker, asking not to be named.

"I think the market's overall tone is positive, but there's a very uneasy truce right now between the positives and negatives, and we'll have to see how things shape up in the coming days," he said when asked if the gain was sustainable or not.

The turnover remained almost unchanged and stood at Tk 3.89 billion, while the market capitalisation was Tk 1.01 trillion.

Out of 248 issues traded, 126 advanced, 118 declined and five remained unchanged.



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