Dhaka stocks halt losing streak
Thursday, 23 October 2008
FE Report
Dhaka stocks slightly rose Wednesday snapping the fifth consecutive session of losing streak with a sharp decline in the turnover.
The main index of the Dhaka Stock Exchange (DSE) fell more than 33 points in the first one hour before rebounding by 3.25 points.
All the market barometers -- the benchmark DSE General Index (DGEN), the All Shares Price Index (DSI) and the DSE-20 index comprising blue chips - rose 3.25 points, 2.34 points and 4.02 points respectively to close at 2827.82, 2341.91 and 2362.90.
The gain was led by life insurance, general insurance and most of mutual fund issues.
The gainers outshined the losers on the day. Out of 240 issues traded, 140 advanced, 93 declined and seven remained unchanged. Of the 93 gainers, 35 came from the low-rated Z-category companies.
The total turnover at the prime bourse declined to Tk 3.22 billion from Tk 4.05 billion of the previous day while the market capitalisation remained steady at Tk 995.21 billion.
The share price of Desco, the day's top loser, fell 19.76 per cent to end at Tk 1054.25 despite its corporate declaration. It was also the turnover leader with shares worth Tk 314.74 million traded.
The board of directors of the company has recommended 25 per cent cash dividend and one bonus share against every 20 existing shares for the fiscal year 2007-2008.
The state-owned Desco share price dropped on the day as the corporate declaration failed to satisfy the investors, a broker said.
"The market remained a bit shaky due mainly to the confusions created over direct listing of ACI Formulation and Shinepukur Ceramics," said Ahmad Rashid Lali, former DSE senior vice president.
Dhaka stocks slightly rose Wednesday snapping the fifth consecutive session of losing streak with a sharp decline in the turnover.
The main index of the Dhaka Stock Exchange (DSE) fell more than 33 points in the first one hour before rebounding by 3.25 points.
All the market barometers -- the benchmark DSE General Index (DGEN), the All Shares Price Index (DSI) and the DSE-20 index comprising blue chips - rose 3.25 points, 2.34 points and 4.02 points respectively to close at 2827.82, 2341.91 and 2362.90.
The gain was led by life insurance, general insurance and most of mutual fund issues.
The gainers outshined the losers on the day. Out of 240 issues traded, 140 advanced, 93 declined and seven remained unchanged. Of the 93 gainers, 35 came from the low-rated Z-category companies.
The total turnover at the prime bourse declined to Tk 3.22 billion from Tk 4.05 billion of the previous day while the market capitalisation remained steady at Tk 995.21 billion.
The share price of Desco, the day's top loser, fell 19.76 per cent to end at Tk 1054.25 despite its corporate declaration. It was also the turnover leader with shares worth Tk 314.74 million traded.
The board of directors of the company has recommended 25 per cent cash dividend and one bonus share against every 20 existing shares for the fiscal year 2007-2008.
The state-owned Desco share price dropped on the day as the corporate declaration failed to satisfy the investors, a broker said.
"The market remained a bit shaky due mainly to the confusions created over direct listing of ACI Formulation and Shinepukur Ceramics," said Ahmad Rashid Lali, former DSE senior vice president.