DSE halts downward trend
Saturday, 15 November 2008
FE Report
The Dhaka Stock Exchange (DSE) witnessed a steady week that ended Thursday snapping a downward trend for the fifth straight week, on move taken by the Securities and Exchange Commission (SEC) to stabilise the market.
During the week, the benchmark DSE General Index (DGEN) and the All Shares Price Index (DSI) marginally gained 9.67 points and 6.48 to close at 2676.83 and 2217.72 respectively. The DSE-20 blue chip index, however, lost 45.77 points to close at 2259.26.
The securities regulator's assurance to bring the market back on track has helped the market get back its rhythm to some extent in the week, stock brokers said.
In the third session of the week Tuesday, after meeting with merchant banks, the commission declared that it would soon raise the margin loan ratio and relax the margin loan exposure limit of non-bank financial institutions to increase the fund flow to the market.
The SEC's move came after a group of small investors took to streets Monday demanding that the SEC take steps to save the market, when the benchmark index DGEN plummeted to the 14-month low at one stage.
The benchmark index registered a sharp rise of 71.33 points in the fourth session of the week Wednesday following the SEC declaration.
However, the market went into the red in the last session Thursday amid apprehension over delayed implementation of the SEC decisions and booking profit partially.
On the day, some others encashed their shares to get ready to chase the securities of ACI Formulations Limited and Shinepukur Ceramics Limited expected to make debut Tuesday under direct listing regulations, according to the stock brokers.
Out of 291 issues traded, 132 advanced, 112 declined, seven remained unchanged and 40 were not traded in the week.
The daily average turnover in the week dropped by 2.69 per cent to Tk 2.09 billion against the previous week's Tk 2.14 billion. The DSE market capitalisation slightly declined to Tk 965.53 billion from Tk 964.29 billion of the previous week.
Beximco Pharma continued to hold the turnover leader position with shares worth Tk 1.00 billion traded and accounted for about 2.64 per cent of the week's total market turnover at the prime bourse.
Beximco Limited, Titas Gas, ACI Limited, Lankabangla Finance Company, Uttara Bank, Grameen One Scheme Two Mutual Fund, ICB AMCL Second NRB Mutual Fund, Islami Bank and AIMS First Mutual Fund were the next other turnover leaders.
In the week, Fine Foods Limited, a Z-category issue, was the top gainer posting 35.29 per cent rise, followed by 1st BSRS with 14.70 per cent, Dutch-Bangla Bank 14.69 per cent, Golden Son 14.62 per cent, Daffodil Computers 13.68 per cent, Meghna Shrimp 13.33 per cent, Islamic Finance 13.15 per cent, Metro Spinning 13.02 per cent, Keya Detergent 12.77 and Bionic Sea Food 1.43 per cent.
The Dhaka Stock Exchange (DSE) witnessed a steady week that ended Thursday snapping a downward trend for the fifth straight week, on move taken by the Securities and Exchange Commission (SEC) to stabilise the market.
During the week, the benchmark DSE General Index (DGEN) and the All Shares Price Index (DSI) marginally gained 9.67 points and 6.48 to close at 2676.83 and 2217.72 respectively. The DSE-20 blue chip index, however, lost 45.77 points to close at 2259.26.
The securities regulator's assurance to bring the market back on track has helped the market get back its rhythm to some extent in the week, stock brokers said.
In the third session of the week Tuesday, after meeting with merchant banks, the commission declared that it would soon raise the margin loan ratio and relax the margin loan exposure limit of non-bank financial institutions to increase the fund flow to the market.
The SEC's move came after a group of small investors took to streets Monday demanding that the SEC take steps to save the market, when the benchmark index DGEN plummeted to the 14-month low at one stage.
The benchmark index registered a sharp rise of 71.33 points in the fourth session of the week Wednesday following the SEC declaration.
However, the market went into the red in the last session Thursday amid apprehension over delayed implementation of the SEC decisions and booking profit partially.
On the day, some others encashed their shares to get ready to chase the securities of ACI Formulations Limited and Shinepukur Ceramics Limited expected to make debut Tuesday under direct listing regulations, according to the stock brokers.
Out of 291 issues traded, 132 advanced, 112 declined, seven remained unchanged and 40 were not traded in the week.
The daily average turnover in the week dropped by 2.69 per cent to Tk 2.09 billion against the previous week's Tk 2.14 billion. The DSE market capitalisation slightly declined to Tk 965.53 billion from Tk 964.29 billion of the previous week.
Beximco Pharma continued to hold the turnover leader position with shares worth Tk 1.00 billion traded and accounted for about 2.64 per cent of the week's total market turnover at the prime bourse.
Beximco Limited, Titas Gas, ACI Limited, Lankabangla Finance Company, Uttara Bank, Grameen One Scheme Two Mutual Fund, ICB AMCL Second NRB Mutual Fund, Islami Bank and AIMS First Mutual Fund were the next other turnover leaders.
In the week, Fine Foods Limited, a Z-category issue, was the top gainer posting 35.29 per cent rise, followed by 1st BSRS with 14.70 per cent, Dutch-Bangla Bank 14.69 per cent, Golden Son 14.62 per cent, Daffodil Computers 13.68 per cent, Meghna Shrimp 13.33 per cent, Islamic Finance 13.15 per cent, Metro Spinning 13.02 per cent, Keya Detergent 12.77 and Bionic Sea Food 1.43 per cent.