Dhaka stocks slip further
Thursday, 13 March 2008
FE Report
Dhaka stocks slipped further Wednesday for the second straight session due to price correction with the turnover declining sharply.
The market is now going through price correction reflecting the natural sentiment of the market, according to analysts.
Beginning with a negative note, the indices losses extended and never recovered towards close of the trade. Curves of the indices saw see-saw throughout the whole trading session as some remained busy for booking profits by selling shares, while others took positions through purchasing shares.
All the indices--the benchmark Dhaka Stock Exchange (DSE) general index (DGEN), All Shares Price Index and DSE-20-- fell 26.31 points, 21.59 points, and 34.41 points to finish at 3008.29, 2540.17 and 2330.21 respectively.
Dominated by both the gainers and losers, the turnover significantly dropped by about 40 per cent to Tk 2.93 billion from Tuesday's all time high of Tk 4.09 billion. Out of 249 issues traded, prices of 123 gained, 122 declined and four remained unchanged.
A capital market analyst said: "After five-day consecutive rise because of the positive news from the corporate front, the market is now taking a break for a while that mirrors positive mood of the market."
Out of 75 Z-category issues traded on the day, prices of 63 companies rose sharply and 12 remained unchanged.
"Taking stock of the dull or downtrend of the market, some traders are trying to catch fish in the troubled water," said a source in the market.
Among the top ten gainers on the day, nine were from Z-category companies.
Dhaka stocks slipped further Wednesday for the second straight session due to price correction with the turnover declining sharply.
The market is now going through price correction reflecting the natural sentiment of the market, according to analysts.
Beginning with a negative note, the indices losses extended and never recovered towards close of the trade. Curves of the indices saw see-saw throughout the whole trading session as some remained busy for booking profits by selling shares, while others took positions through purchasing shares.
All the indices--the benchmark Dhaka Stock Exchange (DSE) general index (DGEN), All Shares Price Index and DSE-20-- fell 26.31 points, 21.59 points, and 34.41 points to finish at 3008.29, 2540.17 and 2330.21 respectively.
Dominated by both the gainers and losers, the turnover significantly dropped by about 40 per cent to Tk 2.93 billion from Tuesday's all time high of Tk 4.09 billion. Out of 249 issues traded, prices of 123 gained, 122 declined and four remained unchanged.
A capital market analyst said: "After five-day consecutive rise because of the positive news from the corporate front, the market is now taking a break for a while that mirrors positive mood of the market."
Out of 75 Z-category issues traded on the day, prices of 63 companies rose sharply and 12 remained unchanged.
"Taking stock of the dull or downtrend of the market, some traders are trying to catch fish in the troubled water," said a source in the market.
Among the top ten gainers on the day, nine were from Z-category companies.