Dhaka stocks fall again on selling pressure
Tuesday, 13 April 2010
FE Report
Dhaka stocks fell for the second straight day in a fluctuating market Monday, led by leasing, banking, telecommunications and energy issues.
The trading at Dhaka Stock Exchange (DSE) started off on a positive note, with the benchmark index gaining 15 points in the morning, but immediately after the gain it started to lose steam on selling pressure.
The benchmark DSE General Index (DGEN) shed 28.72 points or 0.31 per cent to end at 5,527.80, after hitting the highest 5,569.56 just after minutes into trading.
The broader All Shares Price Index (DSI) lost 19.55 points or 0.42 per cent to 4,532.91 while the DSE-20 index comprising blue chip issues finished 9.89 points or 0.34 per cent down at 2,878.95.
Decliners took a modest lead over the gainers, as out of 246 issues traded, 103 gained, 139 lost and four remained unchanged.
Most of the investors' unwillingness to take position anew ahead of the national budget pushed the turnover to drift lower. It stood at Tk 7.92 billion, down 15 per cent from the previous session's Tk 9.30 billion.
The banking sector, the bellwether of the market, dropped 0.72 per cent, as most of the banks closed in the red. Of the banks, Jamuna Bank posted the biggest loss of 4.78 per cent.
The telecommunication sector, one-fifth of the total DSE market cap, slipped 0.76 per cent. Grameenphone, the lone listed company in this sector, closed at Tk 353.00 a share.
Leasing or non-banking financial institutions (NBFIs) declined 1.04 per cent with the heavyweight ICB shedding 2.26 per cent. However, Prime Finance and LankaBangla gained 0.87 per cent and 0.51 per cent respectively.
The energy sector was marginally down as the major companies lost, including Titas, Summit Power, Jamuna Oil and BOC.
However, the cement sector closed 1.58 per cent higher, as Lafarge Surma Cement continued to gain as it went up by 3.39 per cent on the news that the company agreed to pay for re-establishing the forest cover denuded by its limestone mining in the north-eastern Indian state of Meghalaya, so it may resume supply of raw materials to its cement plant at Chhatak in the north-east of Bangladesh.
The pharmaceuticals sector was marginally up, as Renata, Reckitt Benckiser, Beximco Pharma and GlaxoSmithKline gained while Square Pharma and Marico lost.
Mutual funds dropped 2.37 per cent, tannery 0.36 per cent and general insurance companies 1.03 per cent. Life insurers finished slightly higher.
Dhaka stocks fell for the second straight day in a fluctuating market Monday, led by leasing, banking, telecommunications and energy issues.
The trading at Dhaka Stock Exchange (DSE) started off on a positive note, with the benchmark index gaining 15 points in the morning, but immediately after the gain it started to lose steam on selling pressure.
The benchmark DSE General Index (DGEN) shed 28.72 points or 0.31 per cent to end at 5,527.80, after hitting the highest 5,569.56 just after minutes into trading.
The broader All Shares Price Index (DSI) lost 19.55 points or 0.42 per cent to 4,532.91 while the DSE-20 index comprising blue chip issues finished 9.89 points or 0.34 per cent down at 2,878.95.
Decliners took a modest lead over the gainers, as out of 246 issues traded, 103 gained, 139 lost and four remained unchanged.
Most of the investors' unwillingness to take position anew ahead of the national budget pushed the turnover to drift lower. It stood at Tk 7.92 billion, down 15 per cent from the previous session's Tk 9.30 billion.
The banking sector, the bellwether of the market, dropped 0.72 per cent, as most of the banks closed in the red. Of the banks, Jamuna Bank posted the biggest loss of 4.78 per cent.
The telecommunication sector, one-fifth of the total DSE market cap, slipped 0.76 per cent. Grameenphone, the lone listed company in this sector, closed at Tk 353.00 a share.
Leasing or non-banking financial institutions (NBFIs) declined 1.04 per cent with the heavyweight ICB shedding 2.26 per cent. However, Prime Finance and LankaBangla gained 0.87 per cent and 0.51 per cent respectively.
The energy sector was marginally down as the major companies lost, including Titas, Summit Power, Jamuna Oil and BOC.
However, the cement sector closed 1.58 per cent higher, as Lafarge Surma Cement continued to gain as it went up by 3.39 per cent on the news that the company agreed to pay for re-establishing the forest cover denuded by its limestone mining in the north-eastern Indian state of Meghalaya, so it may resume supply of raw materials to its cement plant at Chhatak in the north-east of Bangladesh.
The pharmaceuticals sector was marginally up, as Renata, Reckitt Benckiser, Beximco Pharma and GlaxoSmithKline gained while Square Pharma and Marico lost.
Mutual funds dropped 2.37 per cent, tannery 0.36 per cent and general insurance companies 1.03 per cent. Life insurers finished slightly higher.