DSE sinks after 3 days of gain
Wednesday, 23 March 2011
FE Report
Share prices at the Dhaka Stock Exchange (DSE) plunged more than 1.0 per cent Tuesday after three straight sessions of gain amid profit taking tendency of the investors. The market also experienced sharp decline in the turnover volume and see-saw throughout the whole trading session. However, market experts termed the profit taking, which resulted in a price fall in the market, as a good sign for a sound market as continuous rise or fall is not good for a healthy market. The benchmark DSE General Index (DGEN), the key index of the DSE, ended at 6,451.85, shedding 1.17 per cent or 76.36 points. The broader DSE All Shares Price Index (DSI) went down by 61.80 points or 1.14 per cent to 5,341.43. The DSE-20 index including blue chips lost 1.43 per cent or 58.94 points to 4,049.34. The numbers of gainers and losers emerged almost same on the day, as out of total 256 issues traded, 126 advanced, 121 declined and nine remained unchanged. A total of 83.81 million shares changed hands on the day, which were 121.12 million in the previous trading session. The trade deals also decreased and stood at 189,866 against 263,370 in the previous session. The market capitalisation dropped to Tk 2,876.08 billion against Tk 2,902.62 billion Monday. The daily turnover declined sharply to Tk 10.68 billion in value terms, down by 32.90 per cent from Tk 15.92 billion in the previous session. "Investors took profit from some sector like banking and financial institutions which knock down the share prices," said Professor Mahmood Osman Imam who teaches finance at Dhaka University. However, he said an International Monetary Fund (IMF) team that has been staying in Dhaka now said Monday that the macroeconomic and financial pressure on Bangladesh economy has intensified since December last year which also may cast negative impact in the stock market. However, the market opened with a positive trend in the morning as the DSE General Index (DGEN) - the market barometer, gained two points after that it fell more than 70 points within five minutes, but moved between positive and negative territories several times throughout the whole session and finally closed 76 points lower. Except pharmaceuticals, general insurance and textile sector, all major sectors ended in the red zone with banking sector suffered most. Banking sector, the bellwether of the market, lost 2.80 per cent and all 29 banks traded on the day lost price. In the NBFIs sector, out of 21 issues traded only five gained and the sector lost 1.32 per cent on the day. Grameenphone, the most weighted share in the DSE, continued to lose price on the trading and closed at Tk 171.70 a share which was Tk 174.8 in the previous session and telecommunications lost 1.77 per cent and fuel and power 0.23 per cent. Beximco Limited continued emerged the top turnover list with shares worth Tk 826.60 million changed hands on the day. The other turnover leaders were Titas Gas, Bextex Limited, Peoples Leasing, Aftab Automobiles, DESCO, Golden Sons, Maksons Spinning, Beximco Pharma and Fu-Wang Ceramics. Prime Insurance was the day's top gainer posting a 7.60 per cent rise followed by Imam Button, CMC Kamal, Anlima Yarn, Tallu Spinning, Hakkani Pulp and Paper, Mithun Knitting, Bangas, Eastern Lubricants and Jute Spinners.
Share prices at the Dhaka Stock Exchange (DSE) plunged more than 1.0 per cent Tuesday after three straight sessions of gain amid profit taking tendency of the investors. The market also experienced sharp decline in the turnover volume and see-saw throughout the whole trading session. However, market experts termed the profit taking, which resulted in a price fall in the market, as a good sign for a sound market as continuous rise or fall is not good for a healthy market. The benchmark DSE General Index (DGEN), the key index of the DSE, ended at 6,451.85, shedding 1.17 per cent or 76.36 points. The broader DSE All Shares Price Index (DSI) went down by 61.80 points or 1.14 per cent to 5,341.43. The DSE-20 index including blue chips lost 1.43 per cent or 58.94 points to 4,049.34. The numbers of gainers and losers emerged almost same on the day, as out of total 256 issues traded, 126 advanced, 121 declined and nine remained unchanged. A total of 83.81 million shares changed hands on the day, which were 121.12 million in the previous trading session. The trade deals also decreased and stood at 189,866 against 263,370 in the previous session. The market capitalisation dropped to Tk 2,876.08 billion against Tk 2,902.62 billion Monday. The daily turnover declined sharply to Tk 10.68 billion in value terms, down by 32.90 per cent from Tk 15.92 billion in the previous session. "Investors took profit from some sector like banking and financial institutions which knock down the share prices," said Professor Mahmood Osman Imam who teaches finance at Dhaka University. However, he said an International Monetary Fund (IMF) team that has been staying in Dhaka now said Monday that the macroeconomic and financial pressure on Bangladesh economy has intensified since December last year which also may cast negative impact in the stock market. However, the market opened with a positive trend in the morning as the DSE General Index (DGEN) - the market barometer, gained two points after that it fell more than 70 points within five minutes, but moved between positive and negative territories several times throughout the whole session and finally closed 76 points lower. Except pharmaceuticals, general insurance and textile sector, all major sectors ended in the red zone with banking sector suffered most. Banking sector, the bellwether of the market, lost 2.80 per cent and all 29 banks traded on the day lost price. In the NBFIs sector, out of 21 issues traded only five gained and the sector lost 1.32 per cent on the day. Grameenphone, the most weighted share in the DSE, continued to lose price on the trading and closed at Tk 171.70 a share which was Tk 174.8 in the previous session and telecommunications lost 1.77 per cent and fuel and power 0.23 per cent. Beximco Limited continued emerged the top turnover list with shares worth Tk 826.60 million changed hands on the day. The other turnover leaders were Titas Gas, Bextex Limited, Peoples Leasing, Aftab Automobiles, DESCO, Golden Sons, Maksons Spinning, Beximco Pharma and Fu-Wang Ceramics. Prime Insurance was the day's top gainer posting a 7.60 per cent rise followed by Imam Button, CMC Kamal, Anlima Yarn, Tallu Spinning, Hakkani Pulp and Paper, Mithun Knitting, Bangas, Eastern Lubricants and Jute Spinners.