Dhaka stocks decline amid low turnover
FE Report | Tuesday, 15 July 2008
Dhaka stocks fell Monday snapping two straight gaining streak amid low turnover.
Trading at the Dhaka Stock Exchange (DSE) began on downbeat from the very outset and the negative trend continued towards close of the trade.
The market moved to the negative territory as it remained a little bit shaky over the Bangladesh Bank (BB) directive to close the operation of AB Bank Foundation, the brokerage house of AB Bank Ltd within next three months.
The news on BB directive affected the price of AB Bank Ltd which sagged 6.63 per cent to close at Tk 1188.75 per share on the day. The lowest and highest prices of the bank were Tk 1120 and Tk 1250 respectively on the day.
However, some market players said some profit taking had also taken place on the day.
On Sunday, the BB confiscated 6.12 percent shares of IFIC Bank held by AB Bank Foundation as it finds that AB Bank bought these shares through AB Bank Foundation in violation of the banking company laws.
AB Bank Foundation remained one of the top three brokerage houses in the DSE in recent years.
All the market barometers -- the benchmark DSE General Index (DGEN), All Shares Price Index (DSI) and DSE-20 Index (DS20), blue chips, slid 23.85 points, 21.95 points and 3.08 points to end at 2969.35, 2555.49 and 2635.90 respectively.
Stock prices of the Shinepukur Holdings Limited, the top gainer, and Beximco Fisheries Limited, the third top gainer, whopped 19.59 per cent and 19.37 per cent to end at Tk 44.25 and Tk 38.50 per share respectively.
The share prices of the two above Z-category companies shined on the day on the news that Beximco Limited (transferee company), Shinepukur Holdings Limited and Beximco Fisheries Limited (transferor companies) have resolved in their separate meetings to approve draft of scheme amalgamation with each other.
Dominated by losers, the total turnover declined Tk 2.71 billion against the previous day's Tk 3.13 billion.
The losers outshined the gainers as out of 234 issues traded, 76 advanced, 150 declined and eight remained unchanged. The total market capitalisation also came down to Tk 974.04 billion against Tk 980.76 billion.
Stock prices of the state-run gas distribution company Titas posted a persistent fall of 3.87 per cent to close at Tk 359.50 per share.
In its ninth trading day, a total of 117,150 shares out of total 2,141,728 have been sold at the both the stock exchanges - DSE and CSE, according to the selling agent ICB.
Stock prices of the Beximco Pharma fell 3.72 per cent to close at Tk 100.80 per share. Bit it retained to continue the top turnover leader position with shares worth Tk 211.09 million traded.
Square Pharma was the second top turnover leader with shares worth Tk 156.61 million traded with its share prices sliding 1.20 per cent to end at Tk 1.20 per share.
ACI Limited, Beximco, Square Pharma, Keya Cosmetics, Apex Adelchi, BATBC, Lanka Bangla Finance, BOC and AB Bank were the other turnover leaders on the day.
Modern Dyeing had the biggest fall of 9.19 per cent, followed by 1st BSRS of 8.37 per cent, AIMS First Mutual Fund 8.04 per cent, M Hossain Garments 8.16 per cent and Saleh Carpet 7.14 per cent.
Trading at the Dhaka Stock Exchange (DSE) began on downbeat from the very outset and the negative trend continued towards close of the trade.
The market moved to the negative territory as it remained a little bit shaky over the Bangladesh Bank (BB) directive to close the operation of AB Bank Foundation, the brokerage house of AB Bank Ltd within next three months.
The news on BB directive affected the price of AB Bank Ltd which sagged 6.63 per cent to close at Tk 1188.75 per share on the day. The lowest and highest prices of the bank were Tk 1120 and Tk 1250 respectively on the day.
However, some market players said some profit taking had also taken place on the day.
On Sunday, the BB confiscated 6.12 percent shares of IFIC Bank held by AB Bank Foundation as it finds that AB Bank bought these shares through AB Bank Foundation in violation of the banking company laws.
AB Bank Foundation remained one of the top three brokerage houses in the DSE in recent years.
All the market barometers -- the benchmark DSE General Index (DGEN), All Shares Price Index (DSI) and DSE-20 Index (DS20), blue chips, slid 23.85 points, 21.95 points and 3.08 points to end at 2969.35, 2555.49 and 2635.90 respectively.
Stock prices of the Shinepukur Holdings Limited, the top gainer, and Beximco Fisheries Limited, the third top gainer, whopped 19.59 per cent and 19.37 per cent to end at Tk 44.25 and Tk 38.50 per share respectively.
The share prices of the two above Z-category companies shined on the day on the news that Beximco Limited (transferee company), Shinepukur Holdings Limited and Beximco Fisheries Limited (transferor companies) have resolved in their separate meetings to approve draft of scheme amalgamation with each other.
Dominated by losers, the total turnover declined Tk 2.71 billion against the previous day's Tk 3.13 billion.
The losers outshined the gainers as out of 234 issues traded, 76 advanced, 150 declined and eight remained unchanged. The total market capitalisation also came down to Tk 974.04 billion against Tk 980.76 billion.
Stock prices of the state-run gas distribution company Titas posted a persistent fall of 3.87 per cent to close at Tk 359.50 per share.
In its ninth trading day, a total of 117,150 shares out of total 2,141,728 have been sold at the both the stock exchanges - DSE and CSE, according to the selling agent ICB.
Stock prices of the Beximco Pharma fell 3.72 per cent to close at Tk 100.80 per share. Bit it retained to continue the top turnover leader position with shares worth Tk 211.09 million traded.
Square Pharma was the second top turnover leader with shares worth Tk 156.61 million traded with its share prices sliding 1.20 per cent to end at Tk 1.20 per share.
ACI Limited, Beximco, Square Pharma, Keya Cosmetics, Apex Adelchi, BATBC, Lanka Bangla Finance, BOC and AB Bank were the other turnover leaders on the day.
Modern Dyeing had the biggest fall of 9.19 per cent, followed by 1st BSRS of 8.37 per cent, AIMS First Mutual Fund 8.04 per cent, M Hossain Garments 8.16 per cent and Saleh Carpet 7.14 per cent.