Dhaka stocks continue to fall amid volatile trading
Tuesday, 21 July 2009
FE Report
Dhaka stocks ended lower for the second straight session Monday amid volatile trading with the turnover falling continuously.
The market looked downbeat throughout the session as most of the major sectors went into the negative territory as the sagging confidence was lingering on.
Though it showed some resistance around mid session it could not be sustained as the stock prices of the Dhaka Stock Exchange (DSE) continued to witness a virtual free fall for the rest of the session.
The benchmark DSE General Index (DGEN) ended at 2833.64 with a fall of 1.27 per cent or 36.50 points, pulled down by banks, energy, non-banking financial institutions (NBFIs) and mutual funds.
Losers took a strong lead over the gainers as out of 227 issues traded, 35 gained, 186 declined and six remained unchanged.
"The market has faced a little bit volatility, reflecting lack of confidence in it," said an analyst asking not to be named. "Continued drop in turnover proved the investors slowly wrapped up their investment fearing further losses," he added.
Conforming to the latest trend, most of the bank lost. Islami Bank Bangladesh Limited was the standout loser with a decline of over 5.0 per cent.
Most of the NBFIs also lost with BD Finance slipping the highest 3.69 per cent and majority of the mutual funds also declined. However, AIMS 1st MF gained 3.35 per cent.
The entire pharmaceuticals sector, energy and other major sectors ended negative.
Two other market barometers -- All Shares Price Index (DSI) and DSE 20 comprising blue chip -- slid 31.56 points and 40.48 points to finish at 2370.52 and 3166.36 respectively.
The daily average turnover continued to suffer as most of the institutional investors have made cautious investment in the wake of recent Bangladesh Bank's move asking all commercial banks to submit reports about their stock portfolio in first week of the every month, market sources said.
The day's turnover was Tk 4.70 billion against the previous session's Tk 5.29 billion.
The country's leading industrial conglomerate Beximco Ltd continued to retain the top turnover leader with shares worth Tk 369.69 million traded, followed by state-run sole gas distribution company Titas Gas with Tk 365.31 million.
Other turnover leaders on the day were Bextex, AB Bank, Beximco Pharma, Aims First Mutual Fund, Summit Power, BD Online and Padma Oil.
Dhaka stocks ended lower for the second straight session Monday amid volatile trading with the turnover falling continuously.
The market looked downbeat throughout the session as most of the major sectors went into the negative territory as the sagging confidence was lingering on.
Though it showed some resistance around mid session it could not be sustained as the stock prices of the Dhaka Stock Exchange (DSE) continued to witness a virtual free fall for the rest of the session.
The benchmark DSE General Index (DGEN) ended at 2833.64 with a fall of 1.27 per cent or 36.50 points, pulled down by banks, energy, non-banking financial institutions (NBFIs) and mutual funds.
Losers took a strong lead over the gainers as out of 227 issues traded, 35 gained, 186 declined and six remained unchanged.
"The market has faced a little bit volatility, reflecting lack of confidence in it," said an analyst asking not to be named. "Continued drop in turnover proved the investors slowly wrapped up their investment fearing further losses," he added.
Conforming to the latest trend, most of the bank lost. Islami Bank Bangladesh Limited was the standout loser with a decline of over 5.0 per cent.
Most of the NBFIs also lost with BD Finance slipping the highest 3.69 per cent and majority of the mutual funds also declined. However, AIMS 1st MF gained 3.35 per cent.
The entire pharmaceuticals sector, energy and other major sectors ended negative.
Two other market barometers -- All Shares Price Index (DSI) and DSE 20 comprising blue chip -- slid 31.56 points and 40.48 points to finish at 2370.52 and 3166.36 respectively.
The daily average turnover continued to suffer as most of the institutional investors have made cautious investment in the wake of recent Bangladesh Bank's move asking all commercial banks to submit reports about their stock portfolio in first week of the every month, market sources said.
The day's turnover was Tk 4.70 billion against the previous session's Tk 5.29 billion.
The country's leading industrial conglomerate Beximco Ltd continued to retain the top turnover leader with shares worth Tk 369.69 million traded, followed by state-run sole gas distribution company Titas Gas with Tk 365.31 million.
Other turnover leaders on the day were Bextex, AB Bank, Beximco Pharma, Aims First Mutual Fund, Summit Power, BD Online and Padma Oil.