Dhaka stocks tumble
FE Report | Monday, 16 June 2008
Dhaka stocks tumbled Sunday led by mutual funds due to the corrective measures taken by the prime bourse to cool down the overheated market, amid a continued low turnover.
Trading on the Dhaka Stock Exchange (DSE), however, was in the positive territory in the first hour, pushing the key index up by more than 29 points.
Later, it went into the red and never gained towards close of the trade as share trading of Beximco Pharma, Delta Spinning, Apex Spinning and Bangladesh Shipping Corporation were halted for a brief period by the DSE for their unusual price movements on the day, according to the market operators.
The market barometers -- DSE General Index (DGEN) and All Shares Price Index (DSI) -- shed 50.50 points and 39.06 points to close at 3,020.25 and 2,563.36 respectively.
But the DSE-20 Index (DS20), comprising blue chips, gained slightly by 1.36 points to end at 2,535.18
Share prices of the Apex Spinning, the top gainer on the day, posted a gain of 14.93 per cent, followed by Delta Spinning with 10.80 per cent, BSC 6.26 per cent and Beximco Pharma 2.68 per cent.
'The bourse has temporarily halted trading in those issues on the day for their unusual price movements,' said a DSE official adding that the bourse has taken the measures just to cool down the overheated market.
The Securities and Exchange Commission, in a recent meeting with the DSE and the Chittagong Stock Exchange (CSE), asked the bourses to use their respective tools to cool down the market as they deemed the market remained overvalued right at the moment.
Share trading of UCBL Bank remained halted for two consecutive days. Trading in shares of the bank will also remain halted until receipt of a certified copy of the judgment regarding the issues of its AGMs and dividend remaining pending, according to the DSE website.
Dominated by losers, the total turnover declined to Tk 2.49 billion against the previous day's Tk 2.70 billion.
Most issues declined on the day as out of 232 issues traded on the day, only 40 gained, 186 declined and six remained unchanged.
The total market capitalisation also came down to Tk 870.69 billion against the previous Tk 881.28 billion.
Trading on the Dhaka Stock Exchange (DSE), however, was in the positive territory in the first hour, pushing the key index up by more than 29 points.
Later, it went into the red and never gained towards close of the trade as share trading of Beximco Pharma, Delta Spinning, Apex Spinning and Bangladesh Shipping Corporation were halted for a brief period by the DSE for their unusual price movements on the day, according to the market operators.
The market barometers -- DSE General Index (DGEN) and All Shares Price Index (DSI) -- shed 50.50 points and 39.06 points to close at 3,020.25 and 2,563.36 respectively.
But the DSE-20 Index (DS20), comprising blue chips, gained slightly by 1.36 points to end at 2,535.18
Share prices of the Apex Spinning, the top gainer on the day, posted a gain of 14.93 per cent, followed by Delta Spinning with 10.80 per cent, BSC 6.26 per cent and Beximco Pharma 2.68 per cent.
'The bourse has temporarily halted trading in those issues on the day for their unusual price movements,' said a DSE official adding that the bourse has taken the measures just to cool down the overheated market.
The Securities and Exchange Commission, in a recent meeting with the DSE and the Chittagong Stock Exchange (CSE), asked the bourses to use their respective tools to cool down the market as they deemed the market remained overvalued right at the moment.
Share trading of UCBL Bank remained halted for two consecutive days. Trading in shares of the bank will also remain halted until receipt of a certified copy of the judgment regarding the issues of its AGMs and dividend remaining pending, according to the DSE website.
Dominated by losers, the total turnover declined to Tk 2.49 billion against the previous day's Tk 2.70 billion.
Most issues declined on the day as out of 232 issues traded on the day, only 40 gained, 186 declined and six remained unchanged.
The total market capitalisation also came down to Tk 870.69 billion against the previous Tk 881.28 billion.