Dhaka stocks back to the losing streak

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FE Report
Dhaka stocks returned to the losing streak Monday after sharp rise on previous day in a volatile market.
The benchmark index DSE General Index (DGEN) that gained around 30 points in early trading lost 38.12 points to end at 2678.67.
Share prices on the Dhaka Stock Exchange (DSE) fluctuated during the session.
Two other market barometers -- All Shares Price Index (DSI) and DSE-20 Index (DS20)-- slid 30.73 points and 12.02 points to close at 2213.27 and 2268.84 respectively.
The investors booked profit after a sharp rise in the previous day.
Market analysts and operators said some other negative factors have affected the market in recent days.
Of the total 233 issues traded on the day, 89 gained, 135 declined and nine remained unchanged.
The day's total turnover declined to Tk 2.43 billion against previous day's Tk 2.70 billion while the market capitalization came down to Tk 985.82 billion from Tk 996 billion on Sunday.
"The country's securities market is not mature enough as it responds to mainly speculation. So, it is a risky market," said a market expert.
He said the investors sell their shares just a day after the market registered a rise, which has become almost a tendency in recent days, which means the investors are skeptical about sustainability of the market.
A merchant bank official said, "The outflow of funds continues due to multiple factors. Some investors are selling for cash, which they will invest in forthcoming primary issues while others need funds to meet expenditure during the upcoming polls."
"Profit taking also took place on the day," he said adding many of the retail investors preferred to keep on the sidelines because of continuous erratic movement of the market.
Uttara Bank was the top turnover leader with shares worth Tk 262.24 million traded.
Other turnover leaders were NBL, Beximco Pharma, Square Pharma, AB Bank, BRAC Bank, Beximco Limited, Titas Gas, Dutch-Bangla Bank and Islami Bank.
Share prices of Shyampur Sugar, a Z-category issue, had the largest rise of 20.00 per cent, followed by Zeal Bangla of 19.23 per cent, Renwick Jajneswar 12.91 per cent, Eastern Cables 11.93 per cent, Eastern Lubricants 10.25 per cent, Pragti Life Insurance 8.68 per cent and National Tubes 7.50 per cent.
The day's top losers were Shainepukur Ceramics, Saleh Carpet, Kohinoor Chemicals, Bengal Fine Ceramic, Fine Foods, Beximco Limited, Savar Refractories, BD Thai Aluminium, Gulf Foods and BRAC Bank.