DSE slips on banks, energy
Monday, 29 March 2010
FE Report
Dhaka stocks lost more than one per cent Sunday amid fluctuating trading, as confusion over market direction gripped investors despite election of a new leadership, analysts said.
The stock exchange's newly elected president Shakil Rizvi met the finance minister to talk about the issues affecting the premier bourse, but the courtesy call-on was greeted with a sharp fall in stock prices in late trading hours.
The benchmark DSE General Index (DSE) shed 1.02 per cent or 57.83 points to close at 5560.10 dragged down by major losses in banks and energy issues, after hitting highest 5621.56 and lowest 5554.89 during a bumpy trading session.
The broader All Shares Price Index (DSI) was down by 1.08 per cent or 49.84 per cent to 4555.46 while DSE-20 comprising blue chips lost 1.03 per cent or 31.26 points to 2988.74.
"The investors are vague about market direction. A new DSE president was elected on Saturday, but majority of the investors don't know much about his leadership," a stockbroker said.
Akhter H Sannamat, managing director of Prime Finance and Investment Limited, said the market has been stagnant for the last few weeks and it needs new direction from the newly elected leaders.
"The new leadership should work closely with the Securities and Exchange Commission and the government to set a new course for the bourse," he said.
Stock turnover slid by 12 per cent to Tk 7.73 billion with decliners trouncing losers by a wide margin. Out of 246 issues traded, 164 closed negative, 80 positive and two remained unchanged.
Telecommunications, which accounted for more than 20 per cent of the market capitalization, lost 1.14 per cent. Grameenphone, the sole listed company in the sector, closed at Tk 354.50 from 358.60, reversing the previous session's marginal gain.
Banking sector, the bellwether of the DSE making up one-fourth of the market cap, slipped 1.73 per cent, its fourth consecutive loss. Among the top losers were Premier Bank (-4.55 per cent), Standard Bank (-4.10 per cent) and Trust Bank (-3.64 per cent.
Energy sector was the other big losers with 1.53 per cent decline. Medicine makers declined 0.16 per cent, non-banking financial institutions 0.97 per cent, general insurers 1.15 per cent, cement 2.49 per cent and tannery 2.19 per cent.
Mutual funds continued their downward spiral, as they went down by 1.73 per cent. Life insurers ended in the negative territory losing 1.36 per cent.
Day's highest trading activities were seen in GP with shares worth Tk 653.74 million changing hands.
Other turnover leaders were Shinepukur Ceramics, Beximco Ltd, Bextex, Summit Power, LankaBangla Securities, DESCO, AB Bank and Confidence Cement.
Modern Dying was the highest gainer for the second consecutive session, posting a rise of more than 14 per cent.
It was followed by Hakkani Pulp and Paper, Anlima Yarn, Saiham Textile, HR Textile, Beximco Synthetic, Bangas, Savar Refractories, Eastern Cables and Desh Garments.
The major losers included DBH 1st Mutual Fund, AIMS 1st Mutual Fund, International Leasing and Financial Services Limited, Republic Insurance, RN Spinning, Mercantile Bank, Premier Bank, Renata, First Lease Finance and Investment and Standard Bank Ltd.
Dhaka stocks lost more than one per cent Sunday amid fluctuating trading, as confusion over market direction gripped investors despite election of a new leadership, analysts said.
The stock exchange's newly elected president Shakil Rizvi met the finance minister to talk about the issues affecting the premier bourse, but the courtesy call-on was greeted with a sharp fall in stock prices in late trading hours.
The benchmark DSE General Index (DSE) shed 1.02 per cent or 57.83 points to close at 5560.10 dragged down by major losses in banks and energy issues, after hitting highest 5621.56 and lowest 5554.89 during a bumpy trading session.
The broader All Shares Price Index (DSI) was down by 1.08 per cent or 49.84 per cent to 4555.46 while DSE-20 comprising blue chips lost 1.03 per cent or 31.26 points to 2988.74.
"The investors are vague about market direction. A new DSE president was elected on Saturday, but majority of the investors don't know much about his leadership," a stockbroker said.
Akhter H Sannamat, managing director of Prime Finance and Investment Limited, said the market has been stagnant for the last few weeks and it needs new direction from the newly elected leaders.
"The new leadership should work closely with the Securities and Exchange Commission and the government to set a new course for the bourse," he said.
Stock turnover slid by 12 per cent to Tk 7.73 billion with decliners trouncing losers by a wide margin. Out of 246 issues traded, 164 closed negative, 80 positive and two remained unchanged.
Telecommunications, which accounted for more than 20 per cent of the market capitalization, lost 1.14 per cent. Grameenphone, the sole listed company in the sector, closed at Tk 354.50 from 358.60, reversing the previous session's marginal gain.
Banking sector, the bellwether of the DSE making up one-fourth of the market cap, slipped 1.73 per cent, its fourth consecutive loss. Among the top losers were Premier Bank (-4.55 per cent), Standard Bank (-4.10 per cent) and Trust Bank (-3.64 per cent.
Energy sector was the other big losers with 1.53 per cent decline. Medicine makers declined 0.16 per cent, non-banking financial institutions 0.97 per cent, general insurers 1.15 per cent, cement 2.49 per cent and tannery 2.19 per cent.
Mutual funds continued their downward spiral, as they went down by 1.73 per cent. Life insurers ended in the negative territory losing 1.36 per cent.
Day's highest trading activities were seen in GP with shares worth Tk 653.74 million changing hands.
Other turnover leaders were Shinepukur Ceramics, Beximco Ltd, Bextex, Summit Power, LankaBangla Securities, DESCO, AB Bank and Confidence Cement.
Modern Dying was the highest gainer for the second consecutive session, posting a rise of more than 14 per cent.
It was followed by Hakkani Pulp and Paper, Anlima Yarn, Saiham Textile, HR Textile, Beximco Synthetic, Bangas, Savar Refractories, Eastern Cables and Desh Garments.
The major losers included DBH 1st Mutual Fund, AIMS 1st Mutual Fund, International Leasing and Financial Services Limited, Republic Insurance, RN Spinning, Mercantile Bank, Premier Bank, Renata, First Lease Finance and Investment and Standard Bank Ltd.