DSE slides as banks bleed
Friday, 12 March 2010
FE Report
Dhaka stocks went into the red Thursday as majority of the banking shares fell on profit taking, a day after their gains sent the index more than two per cent high.
The benchmark DSE General Index (DGEN) shed 19.83 points or 0.35 per cent to 5499.83, with investors reacting confusedly to the upcoming DSE board elections and a slew of regulations enforced by the securities regulator.
The broader DSE All Shares Price Index (DSI) was down by 14.75 points or 0.32 per cent to end at 4508.22. The DSE 20 blue chip index also lost 13.08 points or 0.43 per cent to 2969.58.
Turnover rose 7.41 per cent up to Tk. 6.72 billion as cash injection from new retail investors remained markedly low.
"The DSE elections have affected investors mood. They are confused and have held back investment. Some of SEC decisions are also responsible for sluggish trading," Arif Khan, Chief Executive Officer (CEO) of IDLC, told the FE.
The DSE goes to elections on March 21, with top brokers vying for four posts of directors. Experts said the results of the elections would have a bearing on the market.
Financials - the bell wether of the market -- lost 0.62 per cent as most of the banks went downhill. Prime Bank (+2.51 per cent) Rupali Bank (+2.14 per cent) and One Bank (+1.72 per cent) were the only ones stopping the rot.
The NBFI sector advanced 0.92 per cent as heavyweights LankaBangla, Prime Finance and IDLC gained 5.27 per cent, 2.14 per cent and 2.08 per cent.
The Telecommunication sector finished slightly up with GP gaining 0.12 per cent to taka 339.80 per share.
Mutual Funds lost 0.40 per cemnt as the funds with larger market share slid. Most of the ICB MFs made good ground.
Drug makers finished flat (+0.08 per cent). Square Pharma, Beximco Pharma and ACI were among the losers while Renata, Reckitt Benckiser, Marico and GlaxoSmithKline were among the gainers.
Savar Refractories retained its top gaining position for the fourth session in a row with a rise of 7.38 per cent. It was followed by LankaBangla Finance, Prime Finance, Agrani Insurance, Sandhani Insurance, and Prime Bank.
All the companies in the Beximco Group lost. Multinationals BATBC, Berger and Singer shed 2.18 per cent, 1.58 per cent and 1.79 per cent.
Dhaka stocks went into the red Thursday as majority of the banking shares fell on profit taking, a day after their gains sent the index more than two per cent high.
The benchmark DSE General Index (DGEN) shed 19.83 points or 0.35 per cent to 5499.83, with investors reacting confusedly to the upcoming DSE board elections and a slew of regulations enforced by the securities regulator.
The broader DSE All Shares Price Index (DSI) was down by 14.75 points or 0.32 per cent to end at 4508.22. The DSE 20 blue chip index also lost 13.08 points or 0.43 per cent to 2969.58.
Turnover rose 7.41 per cent up to Tk. 6.72 billion as cash injection from new retail investors remained markedly low.
"The DSE elections have affected investors mood. They are confused and have held back investment. Some of SEC decisions are also responsible for sluggish trading," Arif Khan, Chief Executive Officer (CEO) of IDLC, told the FE.
The DSE goes to elections on March 21, with top brokers vying for four posts of directors. Experts said the results of the elections would have a bearing on the market.
Financials - the bell wether of the market -- lost 0.62 per cent as most of the banks went downhill. Prime Bank (+2.51 per cent) Rupali Bank (+2.14 per cent) and One Bank (+1.72 per cent) were the only ones stopping the rot.
The NBFI sector advanced 0.92 per cent as heavyweights LankaBangla, Prime Finance and IDLC gained 5.27 per cent, 2.14 per cent and 2.08 per cent.
The Telecommunication sector finished slightly up with GP gaining 0.12 per cent to taka 339.80 per share.
Mutual Funds lost 0.40 per cemnt as the funds with larger market share slid. Most of the ICB MFs made good ground.
Drug makers finished flat (+0.08 per cent). Square Pharma, Beximco Pharma and ACI were among the losers while Renata, Reckitt Benckiser, Marico and GlaxoSmithKline were among the gainers.
Savar Refractories retained its top gaining position for the fourth session in a row with a rise of 7.38 per cent. It was followed by LankaBangla Finance, Prime Finance, Agrani Insurance, Sandhani Insurance, and Prime Bank.
All the companies in the Beximco Group lost. Multinationals BATBC, Berger and Singer shed 2.18 per cent, 1.58 per cent and 1.79 per cent.