Downtrend persists
FE Report | Saturday, 9 August 2008
Downtrend in share prices at the Dhaka Stock Exchange (DSE) persisted for the eighth consecutive week that ended Thursday, with the investors thinning out from a bearish market.
However, the shares of the Titas Gas, the state owned gas distribution company, dominated the trading in the country's main bourse during the week.
The High Court's three-month stay order on the amendment of mutual fund rules was yet another major development.
All the market barometers - DSE General Index (DGEN), All Share Price Index (DSI) and DSE20 - shed 29.04 points, 23.43 points and 35.61 points to close at 2732.01, 2345.60 and 2490.63 respectively on the last trading day of the week.
The continued bearish spell forced the investors to be cautious about new investment, according to the market operators.
Apart from these, some investors, who suffered heavy losses after investing in mutual funds stocks, apparently, decided to stay out of the market, at least, for sometime, said a stock broker.
The investors' frustration, however, came out in the form of violent protest in the second session Monday, when a group of investors took to the street demanding intervention to arrest the fall of the market.
The share trading of mutual funds remained suspended for two days (Tuesday and Wednesday) until the prime bourse received the copy of HC's three-month stay order on the amendment of mutual fund rules. The stay order came into effect from August 4.
The daily average turnover was down by 17.55 per cent to Tk 2.62 billion in the week against Tk 3.18 billion previously. The total market capitalisation decreased by 0.40 per cent to Tk 951.99 billion from previous week's Tk 955.79 billion.
Out of 287 traded issues, share prices of 41 advanced, 205 declined, five remained unchanged and 36 were not traded.
In the third session Tuesday, the news of energy ministry's clarification that Titas Gas has already complied with the direct listing regulations by offering 10 per cent of the total holdings, whether fully sold or not, through the country's two stock exchanges took the Titas shares to the new height.
On its 24th trading day, a total of 3,926,050 shares of Titas worth Tk 1.25 billion were sold at the prime bourse, which is the highest ever single day transaction by a company in the country's stock market.
In the week, the Titas Gas, also the top gainer, was the top turnover leader with shares worth Tk 2.25 billion traded, accounting for 26.59 per cent of the total market turnover.
Beximco Pharma was the second top turnover leader with shares worth Tk 739.09 million traded, accounting for 5.46 per cent of the week's total turnover.
Beximco Limited, Lanka Bangla Finance, Square Pharma, UCBL, Keya Cosmetics, BATBC, AIMS First Mutual Fund and ACI Limited were the other turnover leaders of the week.
Titas Gas was the top gainer posting a 26.59 per cent rise, followed by Modern Industries 20.00 per cent, Maq Paper 18.33 per cent, Sonali Paper 13.24 per cent, Rahman Chemicals 10.84 per cent, Bd Thai Aluminum 10.49 per cent, Rahima Food 9.38 per cent, ICB 9.11 per cent, AIMS First Mutual Fund 9.07 per cent and CMC Kamal 8.82 per cent.
Metalex Corporation, Wata Chemicals, Meghna Life Insurance, Beximco, Apex Spinning, Apex Adlechi Footwear and Popular Life Insurance were the top losers during the week.
The A-category issues accounted for 72.45 per cent of the total turnover in value during the last week, while B-category issues shared 0.70 per cent, G-category 0.00 per cent, N-category 19.30 per cent and Z-category 7.56 per cent.
However, the shares of the Titas Gas, the state owned gas distribution company, dominated the trading in the country's main bourse during the week.
The High Court's three-month stay order on the amendment of mutual fund rules was yet another major development.
All the market barometers - DSE General Index (DGEN), All Share Price Index (DSI) and DSE20 - shed 29.04 points, 23.43 points and 35.61 points to close at 2732.01, 2345.60 and 2490.63 respectively on the last trading day of the week.
The continued bearish spell forced the investors to be cautious about new investment, according to the market operators.
Apart from these, some investors, who suffered heavy losses after investing in mutual funds stocks, apparently, decided to stay out of the market, at least, for sometime, said a stock broker.
The investors' frustration, however, came out in the form of violent protest in the second session Monday, when a group of investors took to the street demanding intervention to arrest the fall of the market.
The share trading of mutual funds remained suspended for two days (Tuesday and Wednesday) until the prime bourse received the copy of HC's three-month stay order on the amendment of mutual fund rules. The stay order came into effect from August 4.
The daily average turnover was down by 17.55 per cent to Tk 2.62 billion in the week against Tk 3.18 billion previously. The total market capitalisation decreased by 0.40 per cent to Tk 951.99 billion from previous week's Tk 955.79 billion.
Out of 287 traded issues, share prices of 41 advanced, 205 declined, five remained unchanged and 36 were not traded.
In the third session Tuesday, the news of energy ministry's clarification that Titas Gas has already complied with the direct listing regulations by offering 10 per cent of the total holdings, whether fully sold or not, through the country's two stock exchanges took the Titas shares to the new height.
On its 24th trading day, a total of 3,926,050 shares of Titas worth Tk 1.25 billion were sold at the prime bourse, which is the highest ever single day transaction by a company in the country's stock market.
In the week, the Titas Gas, also the top gainer, was the top turnover leader with shares worth Tk 2.25 billion traded, accounting for 26.59 per cent of the total market turnover.
Beximco Pharma was the second top turnover leader with shares worth Tk 739.09 million traded, accounting for 5.46 per cent of the week's total turnover.
Beximco Limited, Lanka Bangla Finance, Square Pharma, UCBL, Keya Cosmetics, BATBC, AIMS First Mutual Fund and ACI Limited were the other turnover leaders of the week.
Titas Gas was the top gainer posting a 26.59 per cent rise, followed by Modern Industries 20.00 per cent, Maq Paper 18.33 per cent, Sonali Paper 13.24 per cent, Rahman Chemicals 10.84 per cent, Bd Thai Aluminum 10.49 per cent, Rahima Food 9.38 per cent, ICB 9.11 per cent, AIMS First Mutual Fund 9.07 per cent and CMC Kamal 8.82 per cent.
Metalex Corporation, Wata Chemicals, Meghna Life Insurance, Beximco, Apex Spinning, Apex Adlechi Footwear and Popular Life Insurance were the top losers during the week.
The A-category issues accounted for 72.45 per cent of the total turnover in value during the last week, while B-category issues shared 0.70 per cent, G-category 0.00 per cent, N-category 19.30 per cent and Z-category 7.56 per cent.