Dhaka stocks fall due to lack of buying support
FE Report | Friday, 20 June 2008
Dhaka stocks fell Thursday across the board due to lack of buying support from the institutional investors amid a lower turnover.
The Dhaka Stock Exchange (DSE), however, was in the positive territory for the first hour of trading. Later, it began to slide due to selling of stocks by the traders who became nervous of the trading being halted.
All the market barometres -- the benchmark DSE General Index (DGEN), All Shares Price Index (DSI) and DSE-20 (DS20) -- shed 26.82 points, 21.39 points and 9.61 points to close at 3040.69, 2580.26 and 2537.45 respectively.
The market went into the red as there were more sellers than buyers in a virtually uneasy market caused by DSE's market controlling measures, market sources said.
DSE did not halt trading of any issue Thursday like the previous two days as the bourse found no unusual price fluctuation.
"The market is now in an uneasy mood due to induced activities by the bourses, making the traders indecisive in putting funds on stocks, " analyst Yawer Sayeed said, adding: "It would be a relief if confidence returns to the market."
The declining daily turnovers indicate that the worst is yet to come, he said.
The securities regulator in a recent meeting directed DSE and Chittagong Stock Exchange (CSE) to use restrictive tools to cool down the market when it tends to over-heat.
The total market turnover dipped to Tk 2.27 billion against previous day's Tk 2.53 billion.
The losers held a strong lead over gainers as out 233 issues traded, only 73 gained, 148 declined and 12 remained unchanged.
The total market capitalisation, however, rose to Tk 890.16 billion against Tk 885.16 billion.
Beximco Pharma was the top turnover leader with sharers worth Tk 138.05 million traded but its stock prices dropped 1.94 per cent to close at Tk 101.00 per share.
Square Pharma was the second top turnover leader with shares worth Tk 121.75 changing hands. Its share prices fell 0.50 per cent to finish at Tk 5148.50 per share.
AIMS First Mutual Fund, Apex Tannery, Lanka Bangla Finance, Keya Cosmetics, BRAC Bank, Grameen One, Jamuna Oil and Lafarge Surma Cement were the other turnover leaders.
CMC Kamal was the leading losers with a fall of 9.58 per cent, followed by Pragati Life Insurance 6.95 per cent, Sonargaon Textile 6.82 per cent and Purabi General Insurance 6.64 per cent.
Top gainers were led by Sreepur Textile, Kohinoor, Keya Cosmetics and AMCL (Pran).
Meanwhile, Chittagong Stock Exchange Selective Categories Index (CSCX), CSE All Shares Price Index and CSE-30 lost 0.75 per cent, 0.69 per cent and 0.47 per cent to end at 5913.77, 9138.85 and 8031.19 respectively.
The Dhaka Stock Exchange (DSE), however, was in the positive territory for the first hour of trading. Later, it began to slide due to selling of stocks by the traders who became nervous of the trading being halted.
All the market barometres -- the benchmark DSE General Index (DGEN), All Shares Price Index (DSI) and DSE-20 (DS20) -- shed 26.82 points, 21.39 points and 9.61 points to close at 3040.69, 2580.26 and 2537.45 respectively.
The market went into the red as there were more sellers than buyers in a virtually uneasy market caused by DSE's market controlling measures, market sources said.
DSE did not halt trading of any issue Thursday like the previous two days as the bourse found no unusual price fluctuation.
"The market is now in an uneasy mood due to induced activities by the bourses, making the traders indecisive in putting funds on stocks, " analyst Yawer Sayeed said, adding: "It would be a relief if confidence returns to the market."
The declining daily turnovers indicate that the worst is yet to come, he said.
The securities regulator in a recent meeting directed DSE and Chittagong Stock Exchange (CSE) to use restrictive tools to cool down the market when it tends to over-heat.
The total market turnover dipped to Tk 2.27 billion against previous day's Tk 2.53 billion.
The losers held a strong lead over gainers as out 233 issues traded, only 73 gained, 148 declined and 12 remained unchanged.
The total market capitalisation, however, rose to Tk 890.16 billion against Tk 885.16 billion.
Beximco Pharma was the top turnover leader with sharers worth Tk 138.05 million traded but its stock prices dropped 1.94 per cent to close at Tk 101.00 per share.
Square Pharma was the second top turnover leader with shares worth Tk 121.75 changing hands. Its share prices fell 0.50 per cent to finish at Tk 5148.50 per share.
AIMS First Mutual Fund, Apex Tannery, Lanka Bangla Finance, Keya Cosmetics, BRAC Bank, Grameen One, Jamuna Oil and Lafarge Surma Cement were the other turnover leaders.
CMC Kamal was the leading losers with a fall of 9.58 per cent, followed by Pragati Life Insurance 6.95 per cent, Sonargaon Textile 6.82 per cent and Purabi General Insurance 6.64 per cent.
Top gainers were led by Sreepur Textile, Kohinoor, Keya Cosmetics and AMCL (Pran).
Meanwhile, Chittagong Stock Exchange Selective Categories Index (CSCX), CSE All Shares Price Index and CSE-30 lost 0.75 per cent, 0.69 per cent and 0.47 per cent to end at 5913.77, 9138.85 and 8031.19 respectively.