Dhaka stocks close lower for second consecutive day
Tuesday, 8 September 2009
FE Report
Dhaka stocks closed lower for the second session in a row Monday as the investors ran after Navana CNG shares offloading a portion of their other portfolios.
The decline was led by insurance, energy, pharmaceuticals, banks and non-banking financial institutions.
The market, however, swung between gains and losses before mid-session as the investors sold off a portion of their holdings for Navana CNG that made debut last week under direct listing regulations, according to the stockbrokers.
The benchmark DSE General Index (DGEN) lost 24.65 points or 0.83 per cent to close at 2936.31, erasing early gains of six points.
The broader All Shares Price Index (DSI) slid 22.04 points or 0.88 per cent to end at 2468.30. The DSE 20 blue chip index slipped 17.77 points or 0.83 per cent to finish at 2115.29.
Losers took a strong lead over the gainers as out of 240 issues traded, 51 went into the positive zone, 183 into the negative and six remained unchanged.
The total turnover came down to Tk 4.97 billion against previous session's Tk 5.83 billion.
"Navana CNG, the country's largest refilling gas provider, dragged down the market for the second consecutive day as investors swooped on shares to get good return in future," said a top stock-broker.
The market might be back on track as the concentration on the company might ease because almost all shares had already been sold out, he added.
A total of 141,88,200 shares out of 18,150,000 have been sold so far since its debut on August 30 last. Share price of the company edged up 5.09 per cent to close at Tk 214.40 per share.
Dhaka stocks closed lower for the second session in a row Monday as the investors ran after Navana CNG shares offloading a portion of their other portfolios.
The decline was led by insurance, energy, pharmaceuticals, banks and non-banking financial institutions.
The market, however, swung between gains and losses before mid-session as the investors sold off a portion of their holdings for Navana CNG that made debut last week under direct listing regulations, according to the stockbrokers.
The benchmark DSE General Index (DGEN) lost 24.65 points or 0.83 per cent to close at 2936.31, erasing early gains of six points.
The broader All Shares Price Index (DSI) slid 22.04 points or 0.88 per cent to end at 2468.30. The DSE 20 blue chip index slipped 17.77 points or 0.83 per cent to finish at 2115.29.
Losers took a strong lead over the gainers as out of 240 issues traded, 51 went into the positive zone, 183 into the negative and six remained unchanged.
The total turnover came down to Tk 4.97 billion against previous session's Tk 5.83 billion.
"Navana CNG, the country's largest refilling gas provider, dragged down the market for the second consecutive day as investors swooped on shares to get good return in future," said a top stock-broker.
The market might be back on track as the concentration on the company might ease because almost all shares had already been sold out, he added.
A total of 141,88,200 shares out of 18,150,000 have been sold so far since its debut on August 30 last. Share price of the company edged up 5.09 per cent to close at Tk 214.40 per share.