Dhaka stocks down for fifth consecutive day
Wednesday, 22 October 2008
FE Report
Dhaka stocks dropped for the fifth consecutive session Tuesday amid increase in the turnover.
The decline was led by mutual funds, banks and pharmaceuticals but the cement issues shined on the day.
The Dhaka Stock Exchange (DSE) began with an upbeat mood from the very outset of the trade, pushing main index up more than 30 points in the first 30 minutes. Later, it started to shed points until close of the trade.
All the market barometers -- the benchmark DSE General Index (DGEN), All Shares Price Index (DSI) and DSE-20 comprising blue chips -- lost 32.22 points, 23.05 points and 45.97 points to close at 2824.57, 2339.56 and 2358.88 respectively.
The losers took a strong lead over the gainers on the day. Out of 242 issues traded, 78 declined, 157 advanced and seven remained unchanged.
The total turnover at the prime bourse rose to Tk 4.05 billion against Tk 3.36 billion of the previous day while the market capitalisation came down below Tk 1.00 trillion mark at Tk 995.21 billion.
Some factors, including loan suspension by some merchant bankers against some particular stocks and an air of uneasiness made the investors over-cautious in choosing the stocks, sent the market into the red, according to market operators and experts.
"However, the investors have not opted for selling their holdings becoming panicky but adopted 'wait and see policy' in falling market," said Yawer Sayeed, a capital market expert.
The banking shares that accounted for more than 50 per cent of the total market capitalisation remained unimpressive for long, leaving some negative impact on the market, he added.
He also said, "But higher turnover indicates that the market has enough strength."
Dhaka stocks dropped for the fifth consecutive session Tuesday amid increase in the turnover.
The decline was led by mutual funds, banks and pharmaceuticals but the cement issues shined on the day.
The Dhaka Stock Exchange (DSE) began with an upbeat mood from the very outset of the trade, pushing main index up more than 30 points in the first 30 minutes. Later, it started to shed points until close of the trade.
All the market barometers -- the benchmark DSE General Index (DGEN), All Shares Price Index (DSI) and DSE-20 comprising blue chips -- lost 32.22 points, 23.05 points and 45.97 points to close at 2824.57, 2339.56 and 2358.88 respectively.
The losers took a strong lead over the gainers on the day. Out of 242 issues traded, 78 declined, 157 advanced and seven remained unchanged.
The total turnover at the prime bourse rose to Tk 4.05 billion against Tk 3.36 billion of the previous day while the market capitalisation came down below Tk 1.00 trillion mark at Tk 995.21 billion.
Some factors, including loan suspension by some merchant bankers against some particular stocks and an air of uneasiness made the investors over-cautious in choosing the stocks, sent the market into the red, according to market operators and experts.
"However, the investors have not opted for selling their holdings becoming panicky but adopted 'wait and see policy' in falling market," said Yawer Sayeed, a capital market expert.
The banking shares that accounted for more than 50 per cent of the total market capitalisation remained unimpressive for long, leaving some negative impact on the market, he added.
He also said, "But higher turnover indicates that the market has enough strength."