DSE index dips to 7-week low
Friday, 3 April 2009
FE Report
The benchmark index of the Dhaka bourse dipped to a seven-week low Thursday as the investors remained worried over the market's direction amid the deepening global financial downturn.
Before starting to slide at a stretch from around the mid-session, indices of the Dhaka Stock Exchange (DSE) went into the green twice briefly.
The benchmark DSE General Index (DGEN), beginning with a gain of 10 points, closed 14.61 points down at 2428.63, the lowest since February 11.
The decline was led by mainly financial institutions, which continued to lose their edge as the investors remained skeptical about their future prospects amid the global financial recession. However, the shares of Beximco Group, power and energy issues gained on the day.
"Index swung into and out of negative territory with the investors looking in vain for direction," said M Fazlur Rahman, deputy managing director of the AB Bank Limited.
Over the last several days, some statements were given by different quarters about the impact of the global financial recession on the country's economy, which have made the investors confused, he said.
"Though we are in the dark about how much impact the country will face. Unfortunate enough, no analysis has been done regarding the impact of the global recession on the domestic economy," he added.
Out of 254 issues traded, 113 gained, 137 declined and four remained unchanged.
The turnover, however, increased to Tk 4.69 billion against the previous day's Tk 4.10 billion thanks to hefty trading in shares of Summit Power and Beximco Limited.
"Drop in call money rate has contributed to an increase of the liquidity flow in the market," said Mr Rahman.
The benchmark index of the Dhaka bourse dipped to a seven-week low Thursday as the investors remained worried over the market's direction amid the deepening global financial downturn.
Before starting to slide at a stretch from around the mid-session, indices of the Dhaka Stock Exchange (DSE) went into the green twice briefly.
The benchmark DSE General Index (DGEN), beginning with a gain of 10 points, closed 14.61 points down at 2428.63, the lowest since February 11.
The decline was led by mainly financial institutions, which continued to lose their edge as the investors remained skeptical about their future prospects amid the global financial recession. However, the shares of Beximco Group, power and energy issues gained on the day.
"Index swung into and out of negative territory with the investors looking in vain for direction," said M Fazlur Rahman, deputy managing director of the AB Bank Limited.
Over the last several days, some statements were given by different quarters about the impact of the global financial recession on the country's economy, which have made the investors confused, he said.
"Though we are in the dark about how much impact the country will face. Unfortunate enough, no analysis has been done regarding the impact of the global recession on the domestic economy," he added.
Out of 254 issues traded, 113 gained, 137 declined and four remained unchanged.
The turnover, however, increased to Tk 4.69 billion against the previous day's Tk 4.10 billion thanks to hefty trading in shares of Summit Power and Beximco Limited.
"Drop in call money rate has contributed to an increase of the liquidity flow in the market," said Mr Rahman.