DSE heavyweights drop on price correction
Monday, 18 May 2009
FE Report
Dhaka stocks dropped marginally Sunday on price adjustment of some heavyweights amid a sharp increase in the turnover.
Trading at the Dhaka Stock Exchange (DSE) started with price adjustment of four companies--Jamuna Bank, ACI Limited, Heidelberg Cement and Summit Power --as the benchmark DSE General Index (DGEN) lost 12 points at the beginning.
However, it recovered initial losses within first one hour and went into the green zone for a brief period.
The DGEN closed at 2500.07 with a fall of 6.82 points, dragged down by price adjustment of those companies.
Most of the banks and non-banking financial institutions (NBFIs), mutual funds and IT issues lost while most of the insurance companies gained.
Price adjustment of the four companies pulled the market slightly lower, analysts said.
The two other market barometers - DSE All Shares Price Index (DSI) and DSE 20 (DS20) index comprising blue chip issues-slid 6.48 points and 14.42 points to end at 2084.34 and 1910.90 respectively.
The losers beat the gainers as out of 245 issues traded, 109 advanced, 131 declined and five remained unchanged.
The turnover gained significantly to Tk 5.09 billion, up from Thursday's Tk 4.24 billion.
Summit Power was the top turnover leader with shares worth Tk 623.31 million traded, followed by Beximco Ltd with Tk 526.40 million, S Alam Tk 345.93 million, Bximco Pharma Tk 263.25 million, EHL Tk 245.24 million and Titas Gas Tk 215.08 million.
S Alam Cold Rolled Steel Mills Ltd posted the biggest gain of 9.83 per cent on the day.
There was no ground for the engineering company's price rise as S Alam informed that there was no undisclosed price sensitive information relating to the company's operation or profitability or any additional disclosure that might have left an impact on its shares, according to the DSE inquiry.
Dhaka stocks dropped marginally Sunday on price adjustment of some heavyweights amid a sharp increase in the turnover.
Trading at the Dhaka Stock Exchange (DSE) started with price adjustment of four companies--Jamuna Bank, ACI Limited, Heidelberg Cement and Summit Power --as the benchmark DSE General Index (DGEN) lost 12 points at the beginning.
However, it recovered initial losses within first one hour and went into the green zone for a brief period.
The DGEN closed at 2500.07 with a fall of 6.82 points, dragged down by price adjustment of those companies.
Most of the banks and non-banking financial institutions (NBFIs), mutual funds and IT issues lost while most of the insurance companies gained.
Price adjustment of the four companies pulled the market slightly lower, analysts said.
The two other market barometers - DSE All Shares Price Index (DSI) and DSE 20 (DS20) index comprising blue chip issues-slid 6.48 points and 14.42 points to end at 2084.34 and 1910.90 respectively.
The losers beat the gainers as out of 245 issues traded, 109 advanced, 131 declined and five remained unchanged.
The turnover gained significantly to Tk 5.09 billion, up from Thursday's Tk 4.24 billion.
Summit Power was the top turnover leader with shares worth Tk 623.31 million traded, followed by Beximco Ltd with Tk 526.40 million, S Alam Tk 345.93 million, Bximco Pharma Tk 263.25 million, EHL Tk 245.24 million and Titas Gas Tk 215.08 million.
S Alam Cold Rolled Steel Mills Ltd posted the biggest gain of 9.83 per cent on the day.
There was no ground for the engineering company's price rise as S Alam informed that there was no undisclosed price sensitive information relating to the company's operation or profitability or any additional disclosure that might have left an impact on its shares, according to the DSE inquiry.