Bear grabs Dhaka stocks for 2nd week

Dhaka stocks dropped last week, extending its bear run for the second consecutive week, amid decreased participation of investors, market operators said.
The general index of Dhaka Stock Exchange lost 65.09 points, or 2.36 per cent, in the week closing at 2,695.58 on Thursday, while its blue chips index, DSE20, shed 71.86 points, or 3.16 per cent, to finish at 2,199.34.
A merchant bank official said the market witnessed a selling pressure from investors, especially from retailers, who—dejected by the recent prevalence of dullness at the market—scurried to sell off their holdings. He, however, said some investors also offloaded shares to gather cash to buy initial public offerings of Bay Leasing and Investment Ltd, subscription of which starts today.
Before the recent bear run, the market had been in a bull run for a couple of weeks thanks to an increased participation of investors after a two-and-a-half-month lull.
A DSE stockbroker said the price movement at the market fluctuated almost every day in the week, reflecting the investors’ shakiness about the market trend. The market also saw volatility in the share prices of a number of low-profile ‘Z’ category issues following various rumours and speculations, he said.
Out of the 295 issues, 104 advanced, 158 declined, two remained unchanged, and 31 were not traded in the week.
The DSE market capitalisation stood at Tk 1,02,467 crore on Thursday, 1.79 per cent down from the previous week’s closing at Tk 1,04,339 crore.
The DSE daily average turnover went down by 15.50 per cent to Tk 344.26 crore from the previous week’s Tk 407.39 crore.
Titas Gas topped the turnover leaders with a total transaction of Tk 176 crore, which accounts for 10.22 per cent of the week’s total turnover of Tk 1,721 crore at the bourse.
Shinepukur Ceramics, Beximco, Summit Power, Beximco Pharmaceuticals, Grameen Two Mutual Fund, Aims 1st Mutual Fund, ACI Formulations, Summit Alliance Port, and Keya Cosmetics are the rest of the week’s top 10 turnover leaders.
Al-Haj Textile is the week’s biggest gainer with a 61.69 per cent rise in its share price, with Lexco being the worst loser with a 19.74 per cent fall.
Of the total turnover of the week, ‘A’ category issues account for 64.60 per cent, ‘B’ category 2.12 per cent, ‘N’ category 29.41 per cent, and ‘Z’ category 3.87 per cent.

Trade tops bank loan

The sectoral distribution of bank credit has marked a significant change, with a majority share going for trade financing, central bank data show.

Some 35.4 percent of total bank credit was meant for the trade financing as of September 2008, which was only 18.7 percent in March.

Up to September, the bank advances for industrial purposes reached 21.1 percent from 27.2 percent six months ago.

Senior bankers blamed the commodity price hike and subsequently a rush in opening of letters of credit (LC) for the trade financing. Some mid level private bank officials think that trade financing has increased because the banks are encouraged to do such financing on the plea that higher and faster repayment is ensured.

“A considerable number of LC was opened during the July-September quarter of 2008 on a speculative further rise in the commodity prices in international market,” said Mahmud Sattar, managing director of The City Bank.

Prices of commodities, including rice, wheat, edible oil and petroleum products all were in the peak till the third quarter of 2008. Prices of some of these products quadrupled in a year.

Sattar, also president of the Association of Bankers Bangladesh (ABB), a forum for bank chief executives, predicted a fall in the credit for trade sector in October-December period because of a price-drop.

BB data show domestic credit increased by Tk 17,412.9 crore or 7.0 percent during July-October 2008 as against Tk 10,007.7 crore or 4.87 percent during the same period a year earlier.

On the other hand, private sector credit grew by Tk10, 370.5 crore or 5.45 percent during July-October 2008 compared to a Tk 8,593 crore or 5.65 percent rise in the same period a year earlier.

Only 21.1 percent of total bank advances were for industry, 35.4 percent for trade, 2.3 percent for transport and communication, 16.0 percent for working capital, 6.8 percent for agriculture and 18.4 percent for other purposes.

As per BB data on bank advances up to March 2008, 27.2 percent was industrial, 24.7 percent working capital and 18.7 percent for trade on year-on-year basis.

“Credit to trade sector generates a handsome income from different commission and charges,” a mid level official of a private bank said.

On the declining trend in industrial financing, the ABB president said there was no big investment proposal in 2008.

Mahmud Sattar also differed with the central bank on the so-called 'unproductive sector'.

“I don't believe there is any unproductive sector,” he categorically said. Consumer credit generates power for consumption of people, he added.

Signs of capital flight from DSE mark 2008

Sell-offs by foreign fund managers outpaced the buying pressure on the country's prime bourse in growing signs of capital flight from the stock market in 2008 in the wake of the global financial crisis.

The foreign investors sold shares worth Tk 814.96 crore, while they bought shares worth Tk 550.54 crore last year, according to Dhaka Stock Exchange (DSE) statistics.

However the DSE in 2007 had received Tk 889.06 crore in net foreign investment, which was a jump of around 830 percent compared to the previous year. Throughout that year, the foreign investors bought shares worth Tk 1439.76 crore, while the selling amount was Tk 550.7 crore.

Many a fund manager had become bankrupt because of the global financial meltdown and withdrew their investments from the stock markets in different countries to meet liquidity crisis, according to market analysts.

They said Bangladesh capital market was also on the money withdrawal list, despite the market was not so big as India, China and Japan.

On the onset of global financial crisis, the foreign or portfolio investment accounted for less than three percent of the total market capitalisation, or around US$ 60 crore.

By the end of 2008, such investment came down around $40 crore.

“There was a selling pressure instead of injecting fresh fund last year because of the profit-taking move by the global fund managers to meet their liquidity crisis, stemmed from the financial meltdown,” said Salahuddin Ahmed Khan, professor of Finance at Dhaka University.

However, the foreign investors had started injecting fresh fund in the later part of the year, although the pace was very slow, said Khan, also the immediate past chief executive officer of DSE.

“As our market has been maintaining a steady growth and the global credit crunch could not put any impact on our market, foreign investment will go up in near future,” he hoped.

Since the onset of the crisis, economists, experts and stakeholders of the capital market repeatedly said Bangladesh market is less allied with the global stock markets and there will be no fallout from the financial crisis.

Some analysts also see the Dhaka market as an emerging market because the diversion of global fund managers is likely due to the fact that returns from investment are ensured here.

They said inclusion of Bangladesh in the Goldman Sachs' 'Next 11' countries is another evidence that international investors now take interest in the country's stock market.

Banking sector shares followed by fuel and power, pharmaceuticals and cement sectors are on the choice list of foreign investors, mainly from the US and Europe.

Dhaka stocks close flat

Dhaka stocks finished Wednesday flat in a volatile trading with its general index posting a slight gain after a two-day bear run, market operators said.
Trading at the Dhaka and Chittagong stock exchanges remains closed today due to a holiday on the occasion of Ashura.
The general index of Dhaka Stock Exchange gained 4.01 points, or 0.15 per cent, to close at 2760.67, while its all share price index advanced by 1.20 points, or 0.05 per cent, to finish at 2279.49. The DSE20 of blue chips, however, lost 2.68 points, or 0.12 per cent, to close at 2271.20.
A DSE stockbroker said the market rose sharply in the first hour of the day’s trading due to a buying spree of investors. The market, however, finished flat because of the selling pressure in the late trading, he said.
Of the total 244 issues traded, 93 advanced, 135 declined, and 16 remained unchanged.
Turnover at the DSE dropped to Tk 339.74 crore from the Tuesday’s Tk 378.87 crore.
Summit Power topped the turnover leaders with a total transaction of Tk 41.77 crore.
Beximco Pharmaceuti-cals, Beximco, Titas Gas, Shinepukur Ceramics, Maksons Spinning, Golden Son, ACI Formulations, Summit Alliance Port and Quasem Drycells were the rest of the top 10 turnover leaders on the day.
Chittagong stocks also closed flat on Wednesday.
The selective categories index of Chittagong Stock Exchange gained 3.27 points, or 0.06 per cent, to close at 5552.31, while its blue chips index, CSE30, advanced by 4.88 points, or 0.07 per cent, to finish at 7316.16. The bourse’s all share price index, however, lost 2.67 points, or 0.03 per cent, to close at 8508.76.
Of the total 142 issues traded on the CSE floor, 66 posted gains, 74 dropped and two remained unchanged.
Turnover at the CSE, however, increased to Tk 89.69 crore from the Tuesday’s Tk 59.73 crore.

Islamic banking shines

Deposits of the Islamic banking industry grew by 21 percent in the year to June 2008, higher than 15 percent growth of the conventional banking sector in the same period, central bank data show.

Total deposits of the Islamic banks and Islamic banking branches of the conventional banks stood at Tk 34,730 crore at the end of June 2008 against Tk 28,650 crore in June 2007, meaning Tk 6,080 crore was deposited in Islamic banks in one year alone.

Out of 48 banks in Bangladesh, six private commercial banks are operating as full-fledged Islamic banks and 21 branches of 10 conventional banks are involved in Islamic banking business.

Islamic banking industry's deposit worth Tk 34,730 crore was 24.4 percent of the total deposits of all private commercial banks and 16.1 percent of the total banking system's at the end of June 2008.

As of June 2007, deposits of Islamic banking sector were 23.6 percent of the total deposits of all private commercial banks and 14.3 percent of the total banking system's.

Total investment of the Islamic banks and the Islamic banking branches of the conventional banks stood at Tk 34,910 crore at the end of June 2008, up from Tk 26,540 crore in June 2007.

The investment was 26.8 percent of all private banks' and 19.3 percent of the total banking system's.

Popularity of Islamic banking is rising worldwide, especially among the Muslims, for its interest-free nature. Many western banks, including those in the US and Europe, have already adopted the idea of Islamic banking to net Muslim customers. Bangladesh first launched such banking system in 1983.

According to Qatar Islamic Bank (QIB), this banking system is set to become a $4 trillion global business within the next five years.

Quoting the international rating agency, Standard & Poor's, QIB said in its newsletter that 'sukuk' or Islamic bond is one of the fastest growing segments of Islamic banking along with mutual funds.

Islamic finance experts say global sukuk market is now worth around $82 billion.

The International Monetary Fund estimates the market to reach $150 billion within the next three years. The ever-increasing demand for financing infrastructure development and other mega projects in the private sector will continue to be the major demand driver for sukuk, they say.

Dhaka stocks drop on profit-taking

Dhaka stocks dropped on Monday because of a profit-taking selling pressure from investors in volatile trading after a six-day bull run, market operators said.
The general index of Dhaka Stock Exchange lost 36.32 points, or 1.28 per cent, to close at 2808.45, while its blue chips index, DSE20, shed 27.16 points, or 1.16 per cent, to finish at 2311.59. As of Sunday, the DSE general index gained 246.66 points due to a rise in share prices for six consecutive trading days.
A DSE stockbroker said the market witnessed a profit-taking selling spree of investors. Starting with an upbeat mood, the market finished down because of the selling pressure in the late trading, he said.
Of the total 242 issues traded, 96 advanced, 136 declined, and 10 remained unchanged.
Turnover at the DSE, however, increased to Tk 464.22 crore from the Sunday’s Tk 446.74 crore.
Shinepukur Ceramics topped the turnover leaders with a total transaction of Tk 48.38 crore.
Titas Gas, Summit Power, Beximco Pharmaceuticals, ACI Formulations, Grameen Two Mutual Fund, Beximco, Aims 1st Mutual Fund, National Bank, and Uttara Bank were the rest of the day’s top 10 turnover leaders.
Chittagong stocks also dropped on Monday.
The selective categories index of Chittagong Stock Exchange lost 59.66 points, or 1.05 per cent, to close at 5646.83, while its blue chips index, CSE30, shed 61.26 points, or 0.82 per cent, to finish at 7440.26.
Of the total 158 issues traded on the CSE floor, 55 posted gains, 100 dropped, and three remained unchanged.
Turnover at the CSE, however, went up to Tk 75.02 crore from the Sunday’s Tk 66.28 crore.

Dhaka stocks extend bull run for 2nd week

Dhaka stocks saw a bullish trend for the second consecutive week that ended Thursday, thanks to an increased participation of investors, market operators said.
The general index of Dhaka Stock Exchange gained 177.47 points, or 6.75 per cent, to close at 2,807.61, while its blue chips index, DSE20, advanced by 120.39 points, or 5.48 per cent, to finish at 2,316.54. In the previous week (from December 21 to 24), the DSE general index gained 112.12 points, or 4.45 per cent.
An investment firm official said the market shook off losses as investors increased their participation in the last couple of weeks after a two-and-a-half-month lull. Availing lower prices of securities, investors put funds on stocks, expecting good returns in the days to come, he said.
The institutional investors, who completed their year-end loan adjustment, also started injecting funds into the market, signalling a recoup.
The daily average turnover at the DSE posted a 55.58-per cent rise to Tk 383.93 crore from the previous week’s Tk 246.77 crore. The DSE’s total turnover last week was Tk 1,152 crore.
The country’s prime bourse shortened last week to three trading days from five as it remained closed on Monday due to the national polls and on Wednesday for a bank holiday.
Analysts said the institutional and big individual investors started returning to the market a few days before the December 29 national elections. Holding of the polls lifted the investors’ confidence, they said.
Out of 295 issues, 196 advanced, 39 declined, 82 remained unchanged and 52 were not traded in last week.
The DSE market capitalisation increased to Tk 1,04,678 crore, its highest-ever mark, on Thursday due to the debut of National Housing Finance and Investment Limited and Maksons Spinning Mills Limited on the first day of the new year. The market indicator’s previous peak was at Tk 1,04,380 crore on December 30, the last trading day of 2008. In last week, the DSE market capitalisation rose by 4.93 per cent from the previous week’s closing at Tk 99,763 crore.
Beximco Pharmaceuticals topped the turnover leaders with a total transaction of Tk 102.84 crore, which accounted for 8.93 per cent of the week’s total market turnover at the bourse.
Summit Power, Titas Gas, Grameen Two Mutual Fund, Beximco, ACI Formulations, Shinepukur Ceramics, ACI, National Bank, and Uttara Bank were the rest of the week’s top 10 turnover leaders.
Samata Leather was the biggest gainer with a 27.39-per cent rise in its share price, while Shayampur Sugar Mills was the worst loser with an 11.61-per cent fall.
Of the total turnover of the week, ‘A’ category issues accounted for 73.49 per cent, ‘B’ category 0.98 per cent, ‘N’ category 22.10 per cent, and ‘Z’ category 3.43 per cent.

PCBs post huge profit in 2008

IBBL secures top position
The country’s private commercial banks made a huge operating profit in 2008 calendar year despite global financial crisis, bank sources said.
‘The PCBs have earned huge amount of money from high interest rates on loans, commissions and fees from their services,’ said a senior bank official.
The official also said the private banks had earned huge money from opening letter of credit as prices of consumer products increased on the international markets.
Among 30 PCBs, the Islamic Bank Bangladesh Limited has secured the top position with a profit of Tk 628.23 crore, up from Tk 550 crore last year.
The Prime Bank Limited has secured the second position with an operating profit of Tk 480 crore against Tk 350 crore in 2007.
The operating profit of the Pubali Bank Limited has stood at Tk 365 crore which was Tk 306 crore in the previous year.
The National Bank Limited has made an operating profit of Tk 352 crore, up from Tk 290 crore in 2007.
The Export Import Bank of Bangladesh Limited has earned operating profit of Tk 267 crore, while it made Tk 205 crore last year.
The operating profit of United Commercial Bank Limited has soared to Tk 260 crore from Tk 215 crore in 2007.
The National Credit and Commerce Bank Limited has lifted the margin of its operating profit to Tk 233 crore from Tk 178 crore in the previous year.
The Dutch-Bangla Bank Limited has made an operating profit of Tk 218 crore, while it earned Tk 150 crore last year.
The operating profit of the Shahajalal Islami Bank Limited has stood at Tk 207 crore in 2008, while it was Tk 137 crore in 2007.

DSE trade to cover country in 2 years

Dhaka Stock Exchange plans to reach out trading facilities to the doorsteps of people in a span of two years.

“As part of our market expansion and development programmes, each area of the country will be brought under trading network,” said AFM Shariful Islam, acting chief executive officer, yesterday.

Presently, the DSE trading network covers Dhaka, Gazipur, Narayanganj, Comilla, Hobiganj, Chittagong, Sylhet, Khulna, Barisal, Rajshahi and Bogra districts.

The capital market operators see such expansion plan 'a timely step' in the backdrop of rising market depth.

The growth in market capitalisation is one of the tools that show increasing market depth. At the end of 2004, such capitalisation was only Tk 224.16 billion. By the end of 2008, it reached Tk1,043.80 billion.

Unveiling a 16-point future plan of the premier bourse in 2009, Islam also said within this year the listed companies, which are not being traded under central depository system (CDS), will be brought under the CDS.

At present, of the total 412 listed securities, some 170 companies are under the CDS.

A modern pricing mechanism styled 'book building' would be introduced this year to encourage the big and successful companies to be listed with the stock exchanges.

The DSE also plans to set up an independent central clearing company this year in order to speed up settlement, clearing and payments for securities, and to cope with the rising volume of trading.

Dhaka stocks mixed

NHFIL, Maksons Spinning make debut
Dhaka stocks closed mixed on Thursday, the first trading day of the new year, as profit-taking sales dominated the market during the closing hours of the day’s trading, market operators said.
The general index of Dhaka Stock Exchange gained 12.28 points, or 0.44 per cent, to close at 2807.61, while its blue chips index, DSE20, lost 12.17 points, or 0.52 per cent, to finish at 2316.54.
A DSE stockbroker said at the later trading the market witnessed a selling pressure from investors who offloaded their holdings to cash in on the previous four days’ rise of share prices.
Starting with an upbeat mood, trading at the DSE seesawed throughout the day, he said.
Of the total 234 issues traded, 97 advanced, 131 declined and six remained unchanged.
Turnover at the DSE decreased slightly to Tk 430.66 crore from the Tuesday’s Tk 430.95 crore. On Tuesday, the market indicator crossed Tk 400-crore mark for the first time since October 21.
The DSE and Chittagong Stock Exchange remained closed on Wednesday due to a bank holiday.
The DSE market capitalisation, however, increased to Tk 1,04,678 crore, its highest ever mark, due to the debut of the National Housing Finance and Investment Limited and the Maksons Spinning Mills Limited. The market indicator’s previous highest was at Tk 1,04,380 crore on December 30, the last trading day of 2008.
Through an initial public offering in October, the National Housing Finance and Investment raised Tk 5 crore from public, issuing five lakh shares of Tk 100 each.
The Maksons Spinning Mills raised Tk 8 crore, issuing 80 lakh shares of Tk 10 each through an initial public offering floated in October.
On its debut at the secondary market, share price of National Housing Finance and Investment gained 829 per cent to close at Tk 929 on Thursday on the DSE. Maksons Spinning Mills gained 320 per cent to close at Tk 42.
Chittagong stocks finished lower on Thursday after a four-day bull run.
The CSE selective categories index lost 31.20 points, or 0.55 per cent, to close at 5649.39, while its blue chips index, CSE30, shed 64.69 points, or 0.85 per cent, to finish at 7502.26.
Of the total 143 issues traded on the CSE floor, 65 posted gains, 70 dropped and eight remained unchanged.
Turnover at the CSE increased to Tk 68.83 crore from the Tuesday’s Tk 59.94 crore.
The DSE officials said on Thursday that introduction of the book-building method of IPO pricing and setting up a central clearing house were required to sustain the current growth of the country’s capital market.
‘There is also a requirement of introducing derivatives in the market by 2011,’ said DSE acting chief executive officer AFM Shariful Islam at a briefing at the bourse’s board room in Dhaka.
The DSE organised the press briefing to review the market performance in 2008.
Shariful Islam said the book-building method of IPO pricing was required to attract good-fundamental companies including those in the telecom sector to the market. ‘The market maintained its growth in last year.’
DSE directors and officials also attended the briefing.

MEMBER NEWS

Mr. Md. Shahiq Khan, Member and former President of DSE as well as Chief Executive Officer of Shahiq Securities Ltd. (DSE Member No. 39) is going under 'open heart surgery' at Apollo Hospitals, Dhaka. All hon'ble Members, relatives, friends and well-wishers are requested to pray to the Almighty for his early recovery.

APEXWEAV

As per decision of SEC, trading of the shares of the company will be held in Demat form with effect from January 26, 2009. In this respect, trading of the shares of the company will be allowed only in the spot market on January 20, 2009 and trading of the shares will remain suspended during January 21-25, 2009 for finalization of Demat process.

Stocks pick up on election hopes

Fri, Dec 26th, 2008 4:11 pm BdST Dhaka, Dec 26 (bdnews24.com)�Stock exchanges of the country passed the last week on a positive note as investor confidence was boosted on hopes of a more stable market with the election just days away.

Market experts cited the end of uncertainty over the national polls as the reason behind the rise in confidence.

"Investors were mostly hesitant to bet money on fears of political instability as there were doubts about the general election," Abu Ahmed, an adviser of the Securities and Exchange Commission, told bdnews24.com.

Optimistic indicators for inflation and balance of trade also contributed to the rise in confidence, he added.

The benchmark DGEN or general index of Dhaka Stock Exchange surged 112.12 points, or 4.45 percent to 2,630.14 points while the DSI or all share price index jumped ended on 2,176.05 points, up by 92.06 points, or 4.42 percent.

Both the total and daily average turnover witnessed a 84.63 percent rise over the week. Total turnover on the DSE was Tk 9.87 billion from Tk 5.34 billion the previous week.

The daily average turnover jumped from Tk 1.33 billion to Tk 2.46 billion.

Of the traded 293 scrips on the DSE, 221 advanced, 27 declined and six held steady.

Chittagong Stock Exchange's selective categories index or CSCX finished up by 1.3 percent to 5,359.57 points. The all share price index or CASPI closed at 8,225.93 points, rising 1.19 points.

The port city bourse saw about 14.19 million shares worth Tk 1.62 billion traded against 7.53 million shares worth Tk 825 million the previous week.

Gainers outnumbered losers 103 to 46 of the 160 traded issues while 11 remained unchanged.

Total market capitalisation on the DSE marked a 3.41 percent rise to Tk 997.62 billion from Tk 964.75 billion a week ago.

Summit Power emerged as the turnover leader with just over 9.63 million trading volume of Tk 774.2 million accounting 7.84 percent of the week's total turnover.

The other turnover leaders were Beximco Pharma, ACI Formulations, Titas Gas, Beximco, Shinepukur Ceramics, Uttara Bank, ACI, National Bank and Grameen Mutual Fund One: Scheme Two.

Meanwhile Beximco topped the turnover leaders on the Chittagong Stock Exchange with 980,080 shares changing hands worth Tk 163 million.

Banks topped investors' favorable list, which is a common phenomenon of the market at this time of the year as dividend time approaches. Non-bank financial institutions and insurers followed.

Meanwhile, power and energy shares were almost steady with slight increase in prices following the previous week's rises as major political parties focused on the sector's development in their electoral promises.

Mutual fund and pharmaceuticals also witnessed gains.

Stocks gain before polls

Dhaka stocks gained significantly yesterday in the run up to the national polls slated for today.

The latest gains including yesterday's may be traced back to the heightened confidence among the investors who are very optimistic about the post-election market, market operators said.

"The investors are positively expecting a vibrant market under an elected government," said Salahuddin Ahmed Khan, chief executive officer of Dhaka Stock Exchange.

"Besides, the investors are also expecting good corporate declarations in the month of January from the companies that end their financial years in December," he added.

The benchmark index of Dhaka Stock Exchange, DSE General Index, went up 98.45 points, or 3.74 percent to 2,728.6 points. The DSE All Share Price Index also jumped 82.33 points, or 3.78 percent to 2,258.39 points.

The bourse will however remain closed today on the occasion of national polls.

Market looked bullish from the very onset. Within the first 30 minutes, it gained more than 45 points. After that the rate of gain slowed down slightly but it continued to gain for the rest of the day.

By the next 60 minutes it gained about 60 points on the opening index, which by the next another 60 minutes, gained close to 70 points.

In the following 60 minutes, the market gained additional 22 to 23 points. By the end of trading, the DGEN gained more than 98 points over the previous day.

A total of 1,85,94,183 shares worth Tk 290.18 crore changed hands on the premier bourse.

Most securities traded up on the DSE. Of the 231 traded issues, 203 advanced, 19 declined and nine remained unchanged.

Beximco Pharma topped the turnover leaders on the DSE with 19,08,150 traded shares worth Tk 28.69 crore. The other turnover leaders were Summit Power, Titas Gas, National Bank, Grameen Mutual Fund One: Scheme Two, ACI, Beximco, Shinepukur Ceramics, Uttara Bank and ACI Formulations.

Chittagong stocks also recorded a rally. The CSE Selective Categories Index jumped 179.84 points, or 3.35 percent to 5,539.42 points. The CSE All Share Price Index also went up 267.61 points, or 3.25 percent to 8,493.55 points.

A total of 42,55,526 shares worth Tk 51.89 crore changed hands on the Chittagong Stock Exchange. Of the 142 traded securities on the port city bourse, 132 advanced, eight declined and two remain unchanged.

Beximco Pharma topped the turnover leaders on the CSE with 8,00,650 traded shares worth Tk 12.04 crore.

Dhaka stocks soar ahead of polls

Staff Correspondent

Dhaka stocks soared Sunday due to a buying spree of investors ahead of today�s national polls.
Trading at the Dhaka and Chittagong bourses will remain closed today due to the 9th parliamentary elections.
The general index of Dhaka Stock Exchange gained 98.46 points, or 3.74 per cent, to close at 2728.60, while its blue chips index, DSE20, advanced by 95.57 points, or 4.35 per cent, to finish at 2291.72.
�The enthusiasm of investors is high ahead of the general elections,� said Mahmood Osman Imam, chairman of the finance department of Dhaka University.
He said institutional and retail investors increased their buying availing themselves of the lower prices of the securities after a two-and-a-half-month lull, expecting a healthy return in days to come. �The market got back pace in the last week as the investors bought shares, thinking that uncertainty centring the national polls is over,� said Imam.
A DSE stockbroker said the institutional investors, who already had completed their year-end loan adjustments, also started to inject funds into the market, signalling a recoup.
Of the total 231 issues traded, 203 advanced, 19 declined and nine remained unchanged.
Turnover at the DSE slightly decreased to Tk 290.18 crore from the Wednesday�s Tk 293.34 crore.
Beximco Pharmaceuticals topped the turnover leaders with a total transaction of Tk 28.69 crore. Summit Power was the second biggest turnover leader with Tk 17.23 crore.
Titas Gas, National Bank, Grameen Two Mutual Fund, ACI, Beximco, Shinepukur Ceramics, Uttara Bank, and ACI Formulations were the rest of the day�s top ten turnover leaders.
The day also saw a significant rise in share prices at the Chittagong Stock Exchange.
The CSE selective categories index gained 179.85 points, or 3.36 per cent, to close at 5539.42, while its blue chips index, CSE30, advanced by 280.35 points, or 3.92 per cent, to finish at 7434.25.
Of the total 142 issues traded on the CSE floor, 132 posted gains, eight dropped and two remained unchanged.
Turnover at the CSE went up to Tk 51.90 crore from the Wednesday�s Tk 45.70 crore.