Dhaka stocks down in fluctuating market
Tuesday, 28 April 2009
FE Report
Dhaka stocks inched down in the continued fluctuating market Monday with significant increase in turnover.
The market opened on a positive note as the benchmark index rose 18 points in the opening hour but trimmed the gains on profit taking at the end of trading.
The Dhaka Stock Exchange (DSE) General Index (DGEN) - the benchmark index- finished at 2585.08 with a slight loss of 9.84 points.
The All Shares Price Index (DSI) and the DSE-20 comprising blue chip shed 6.93 points and 12.83 points to close at 2145.03 and 1997.69 respectively.
The market swung into positives and negatives, which became common phenomena in the last few days, reflecting that the investors' confidence was yet to regain, according to analysts.
The decline was led by banks, general insurance companies and non-banking financial institutions (NBFIs) while most of the power and energy, life insurance companies and mutual funds gained. Pharmaceuticals ended mixed.
Just like the previous day, the energy and power sectors somewhat offset the losses inflicted by banks and NBFIs, according to the EPL, an investment bank.
The gainers outnumbered the losers as out of 242 issues traded, 122 advanced, 111 declined and nine remained unchanged.
The turnover soared to Tk 5.03 billion against the previous day's Tk 4.12 billion while the market capitalisation was Tk 1.04 trillion.
About the recent trend of the market Yawer Sayweed, a market analyst, said, "Volatility in the price movement has become a common phenomenon in recent times, indicating that the investors' confidence was yet to regain."
Titas Gas was the top turnover leader with shares worth Tk 637.94 million traded amid rumour that the Investment Corporation of Bangladesh, selling agent of Titas, might not sell the rest of the shares of the company in the current market price, market sources said.
Other topmost traded issues on the day were Beximco Limited, Summit Power, S Alam Cold Rolled Steels Ltd, Summit Alliance Port Ltd, DESCO, Social Investment Bank Ltd, and AB Bank.
Stock prices of the Golden Son had the biggest gain on the day posting a rise of 10.59 per cent without any fundamental reason.
Other top gainers were Fareast Islamic Life Insurance, Kay & Que, Gulf Foods, S Alam Cold Rolled Steels Ltd and Meghna Cement.
ISN Ltd, the top loser, lost 15.54 per cent as it went ex-dividend.
First Security Islami Bank, the second top loser, lost 11.4 per cent when the news hit the market that its board of director did not declare dividends for the year 2008.
Among the banks, the Jamuna Bank was the only gainer registering a gain of 2.5 per cent.
Among the NBFIs, BD Finance lost 9.4 per cent and IPDC 3.0 per cent following their disappointing corporate declaration.
Dhaka stocks inched down in the continued fluctuating market Monday with significant increase in turnover.
The market opened on a positive note as the benchmark index rose 18 points in the opening hour but trimmed the gains on profit taking at the end of trading.
The Dhaka Stock Exchange (DSE) General Index (DGEN) - the benchmark index- finished at 2585.08 with a slight loss of 9.84 points.
The All Shares Price Index (DSI) and the DSE-20 comprising blue chip shed 6.93 points and 12.83 points to close at 2145.03 and 1997.69 respectively.
The market swung into positives and negatives, which became common phenomena in the last few days, reflecting that the investors' confidence was yet to regain, according to analysts.
The decline was led by banks, general insurance companies and non-banking financial institutions (NBFIs) while most of the power and energy, life insurance companies and mutual funds gained. Pharmaceuticals ended mixed.
Just like the previous day, the energy and power sectors somewhat offset the losses inflicted by banks and NBFIs, according to the EPL, an investment bank.
The gainers outnumbered the losers as out of 242 issues traded, 122 advanced, 111 declined and nine remained unchanged.
The turnover soared to Tk 5.03 billion against the previous day's Tk 4.12 billion while the market capitalisation was Tk 1.04 trillion.
About the recent trend of the market Yawer Sayweed, a market analyst, said, "Volatility in the price movement has become a common phenomenon in recent times, indicating that the investors' confidence was yet to regain."
Titas Gas was the top turnover leader with shares worth Tk 637.94 million traded amid rumour that the Investment Corporation of Bangladesh, selling agent of Titas, might not sell the rest of the shares of the company in the current market price, market sources said.
Other topmost traded issues on the day were Beximco Limited, Summit Power, S Alam Cold Rolled Steels Ltd, Summit Alliance Port Ltd, DESCO, Social Investment Bank Ltd, and AB Bank.
Stock prices of the Golden Son had the biggest gain on the day posting a rise of 10.59 per cent without any fundamental reason.
Other top gainers were Fareast Islamic Life Insurance, Kay & Que, Gulf Foods, S Alam Cold Rolled Steels Ltd and Meghna Cement.
ISN Ltd, the top loser, lost 15.54 per cent as it went ex-dividend.
First Security Islami Bank, the second top loser, lost 11.4 per cent when the news hit the market that its board of director did not declare dividends for the year 2008.
Among the banks, the Jamuna Bank was the only gainer registering a gain of 2.5 per cent.
Among the NBFIs, BD Finance lost 9.4 per cent and IPDC 3.0 per cent following their disappointing corporate declaration.