Dhaka stocks back in the red
Thursday, 6 November 2008
FE Report
Dhaka stocks were back in the red Wednesday amid a continuous selling pressure after a steep rise the previous day.
The benchmark DSE General Index (DGEN), the All Shares Price Index (DSI) and the DSE-20 blue chip index lost 47.11 points, 38.02 points and 26.68 points to finish at 2673.31, 2215.78 and 2291.76 respectively.
Out of the total 237 issues traded on the day, 37 gained, 192 declined and eight remained unchanged.
The slide in stock prices took place as the meeting of the Securities and Exchange Commission (SEC) Tuesday with the stock exchanges and merchant banks has failed to placate the investors.
The market rose sharply the previous day on speculation that positive steps would be taken in the meeting to boost the investor confidence sagged by the continuous downturn of the market over the last three weeks.
However, trading at the Dhaka Stock Exchange (DSE) opened on an upbeat note on the day, which has become almost traditional over the last few days.
The benchmark index rose 21 points in the first 30 minutes of trade but then shed points until end of trade.
The investors, who felt panicky and uncomfortable due to the persistent fall of the market, were on a selling spree as nobody was sure about where the downturn would stop, according to the market players.
An individual investor, requesting not to be named, said, "The role played by some institutional investors, considered major market players, is very mysterious."
"The market is not mature enough as it depends mainly on speculation," a market analyst said.
"I don't see any big change in the market psychology unless the merchant banks play a positive role. The outflow of funds continues," he added.
To bring stability in the market, the merchant banks should become active at this crisis moment and should buy securities, he suggested.
The day's total turnover declined to Tk 2.07 billion from the previous day's Tk 2.11 billion while the market capitalisation fell to Tk 963.36 billion from Tk 976.05 billion of the previous day.
Beximco Pharma was the turnover leader with shares worth Tk 282.74 million traded.
The next other turnover leaders on the day were Beximco Limited, Uttara Bank, ACI Limited, Titas Gas, National Tubes, Lankabangla Finance Limited, Islami Bank, Square Pharma and Desco.
Dhaka stocks were back in the red Wednesday amid a continuous selling pressure after a steep rise the previous day.
The benchmark DSE General Index (DGEN), the All Shares Price Index (DSI) and the DSE-20 blue chip index lost 47.11 points, 38.02 points and 26.68 points to finish at 2673.31, 2215.78 and 2291.76 respectively.
Out of the total 237 issues traded on the day, 37 gained, 192 declined and eight remained unchanged.
The slide in stock prices took place as the meeting of the Securities and Exchange Commission (SEC) Tuesday with the stock exchanges and merchant banks has failed to placate the investors.
The market rose sharply the previous day on speculation that positive steps would be taken in the meeting to boost the investor confidence sagged by the continuous downturn of the market over the last three weeks.
However, trading at the Dhaka Stock Exchange (DSE) opened on an upbeat note on the day, which has become almost traditional over the last few days.
The benchmark index rose 21 points in the first 30 minutes of trade but then shed points until end of trade.
The investors, who felt panicky and uncomfortable due to the persistent fall of the market, were on a selling spree as nobody was sure about where the downturn would stop, according to the market players.
An individual investor, requesting not to be named, said, "The role played by some institutional investors, considered major market players, is very mysterious."
"The market is not mature enough as it depends mainly on speculation," a market analyst said.
"I don't see any big change in the market psychology unless the merchant banks play a positive role. The outflow of funds continues," he added.
To bring stability in the market, the merchant banks should become active at this crisis moment and should buy securities, he suggested.
The day's total turnover declined to Tk 2.07 billion from the previous day's Tk 2.11 billion while the market capitalisation fell to Tk 963.36 billion from Tk 976.05 billion of the previous day.
Beximco Pharma was the turnover leader with shares worth Tk 282.74 million traded.
The next other turnover leaders on the day were Beximco Limited, Uttara Bank, ACI Limited, Titas Gas, National Tubes, Lankabangla Finance Limited, Islami Bank, Square Pharma and Desco.