Dhaka stocks on a losing streak
Tuesday, 25 August 2009
FE Report
Dhaka stocks slipped slightly lower for the fourth straight session Monday with the turnover falling below Tk 5.0 billion mark for the first time in four weeks amid a cautious move taken by the investors.
The market saw a relatively volatile spell in the morning and swung between gain and loss around the mid session before finishing slightly lower at the end of the day.
The benchmark of Dhaka Stock Exchange (DSE), DSE General Index (DGEN), closed at 2991.26 with a loss of 5.41 points or 0.18 per cent. It shed its early gain of 22 points.
The market moved into the negative territory as the investors appeared to be slightly cautious ahead of the forthcoming initial public offerings (IPOs), analysts said.
Moreover, some investors concentrated more on fasting than on the market, they viewed.
The broader All Shares Price Index (DSI) lost 3.78 points or 0.15 per cent to close at 2513.92. The DSE-20 (DS20) blue chip index shed 2.98 points or 0.13 per cent to finish at 2143.97.
The bourse saw a sharp decline in the turnover that stood at Tk 4.93 billion, down by about 28 per cent from the previous session's Tk 6.85 billion.
Gainers and losers were almost at the same level on the day as out of 233 issues traded, 115 went into the green zone, 116 into the red and two remained unchanged.
"Investors have taken a cautious move just because of a psychological cause," said RY Shamsher, head of merchant banking wing of the AB Bank.
Some, however, concentrated on the holy month of Ramadan rather than on the market, he added.
Equity Partners Limited, an investment bank, also expressed the same view in its daily market analysis.
Banks, the bellwether of the stock market, ended in the negative territory as most of them lost. City Bank lost the highest 17 per cent after its dividend adjustment on the day.
Most of the non-banking financial institutions (NBFIs), on the other hand, gained on the news that Bangladesh Bank sought opinion of the ministry of finance about doubling capital base of the NBFIs by next year under the BASEL II framework.
All mutual funds gained, some of them more than 5.0 per cent. The pharmaceutical sector remained virtually unchanged while the energy sector declined. Most of the general insurance companies lost while most of the life insurance companies gained.
Summit Alliance Port Limited (SAPL), the largest private off-dock service provider, was the top turnover leader with shares worth Tk 209.54 million traded. Its turnover rose on the news that its board of directors decided to purchase 1,758,294 ordinary shares, with the face value of Tk 100 each, of Cemcor Limited at the offered price of Tk 176 million to own 14 acres of land.
Slipping from the top position Aftab Automobiles, a subsidiary of the leading business enterprise Aftab Group, emerged second with shares worth Tk 204.08 million traded, followed by EBL First Mutual Fund, which debuted last week, with Tk 196.94 million and the flagship company of a leading industrial conglomerate, Beximco Ltd, Tk 194.39 million.
The ICB AMCL Islamic Mutual Fund gained the highest 8.18 per cent, followed by Meghna Cement with 8.05 per cent, Daffodil Computers 7.97 per cent, 3rd ICB Mutual Fund 7.07 per cent and EBL First Mutual Fund 7.02 per cent.
Dhaka stocks slipped slightly lower for the fourth straight session Monday with the turnover falling below Tk 5.0 billion mark for the first time in four weeks amid a cautious move taken by the investors.
The market saw a relatively volatile spell in the morning and swung between gain and loss around the mid session before finishing slightly lower at the end of the day.
The benchmark of Dhaka Stock Exchange (DSE), DSE General Index (DGEN), closed at 2991.26 with a loss of 5.41 points or 0.18 per cent. It shed its early gain of 22 points.
The market moved into the negative territory as the investors appeared to be slightly cautious ahead of the forthcoming initial public offerings (IPOs), analysts said.
Moreover, some investors concentrated more on fasting than on the market, they viewed.
The broader All Shares Price Index (DSI) lost 3.78 points or 0.15 per cent to close at 2513.92. The DSE-20 (DS20) blue chip index shed 2.98 points or 0.13 per cent to finish at 2143.97.
The bourse saw a sharp decline in the turnover that stood at Tk 4.93 billion, down by about 28 per cent from the previous session's Tk 6.85 billion.
Gainers and losers were almost at the same level on the day as out of 233 issues traded, 115 went into the green zone, 116 into the red and two remained unchanged.
"Investors have taken a cautious move just because of a psychological cause," said RY Shamsher, head of merchant banking wing of the AB Bank.
Some, however, concentrated on the holy month of Ramadan rather than on the market, he added.
Equity Partners Limited, an investment bank, also expressed the same view in its daily market analysis.
Banks, the bellwether of the stock market, ended in the negative territory as most of them lost. City Bank lost the highest 17 per cent after its dividend adjustment on the day.
Most of the non-banking financial institutions (NBFIs), on the other hand, gained on the news that Bangladesh Bank sought opinion of the ministry of finance about doubling capital base of the NBFIs by next year under the BASEL II framework.
All mutual funds gained, some of them more than 5.0 per cent. The pharmaceutical sector remained virtually unchanged while the energy sector declined. Most of the general insurance companies lost while most of the life insurance companies gained.
Summit Alliance Port Limited (SAPL), the largest private off-dock service provider, was the top turnover leader with shares worth Tk 209.54 million traded. Its turnover rose on the news that its board of directors decided to purchase 1,758,294 ordinary shares, with the face value of Tk 100 each, of Cemcor Limited at the offered price of Tk 176 million to own 14 acres of land.
Slipping from the top position Aftab Automobiles, a subsidiary of the leading business enterprise Aftab Group, emerged second with shares worth Tk 204.08 million traded, followed by EBL First Mutual Fund, which debuted last week, with Tk 196.94 million and the flagship company of a leading industrial conglomerate, Beximco Ltd, Tk 194.39 million.
The ICB AMCL Islamic Mutual Fund gained the highest 8.18 per cent, followed by Meghna Cement with 8.05 per cent, Daffodil Computers 7.97 per cent, 3rd ICB Mutual Fund 7.07 per cent and EBL First Mutual Fund 7.02 per cent.