Share prices fall again, yet turnover hits all-time high

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FE Report
Share prices on the Dhaka Stock Exchange (DSE) dropped for the fourth consecutive day amid price fluctuation Thursday when the turnover hit an all time high.
The turnover stood at Tk 6.48 billion, helped by higher volume of trading in power, pharmaceuticals and engineering shares.
Participation in trading by both institutional and small investors has increased significantly, leading to the record turnover, market operators said.
The market witnessed rise in prices of lowly rated shares and fall of banks, the lifeline of the market.
The benchmark index DSE General Index (DGEN) began the day with a gain of over 13 points, but closed 7.36 points down to 2622.77, led by fall of heavyweights like banks.
"DSE's recent move to bring transparency in the market has boosted the investors' confidence," Rakibur Rahman, DSE president, said adding that both institutional and retail investors were active pushing the turnover up to a new height.
Osman Imam, professor of finance department of the Dhaka University, said: "If you look at the market trend in the last several days, index falls but turnover increases, meaning that the investors poured money on equities with low paid-up capital."
"So, buying of such stocks has prevented the indices from falling sharply," he said adding that the trading might have been done targeting a few securities, putting investors at risk.
The All Shares Price Index (DSI) ended at 2179.26 with a drop of 8.23 points and the DSE-20 blue chip index finished at 2069.38 with a loss of 12.79 points.
Out of a total of 258 issues traded, 110 gained, 143 declined and five remained unchanged. Market capitalisation remained steady at Tk 1.02 trillion.
Summit Power was the top turnover leader with shares worth Tk 474.32 million traded, followed by Beximco Tk 356.66 million, Beximco Pharma Tk 236.52 million, BSRM Tk 217.00, Titas Gas Tk 197.55, S Alam Cold Rolled Steel Mills Limited Tk 178.58 million, EHL Tk 170.46, Summit Alliance Port Limited Tk 170.46 and Aftab Automobiles Tk 153.91 million traded.