DSE stocks sink on profit-taking
Monday, 12 April 2010
FE Report
Dhaka stocks sank Sunday on profit taking coupled with cautious stance taken by the investors ahead of announcement of the national budget.
The market was in the positive territory almost throughout the session before entering in the red in the final hour as investors booked profits on banking, leasing and energy stocks.
The benchmark DSE General Index (DGEN) closed at 5556.52 with a meager fall of 13.11 points or 0.23 per cent, wiping off early gains of 30 points and breaking a two-day rally.
The broader All Shares Price Index (DSI) shed 7.44 points or 0.16 per cent to 4552.46 while DSE-20 Index comprising blue chips finished 25.37 points or 0.23 per cent down to end at 2888.84.
"Profit takers have sent the market to negative territory," said Ahmed Rashid Lali, managing director of Rashid and Investment Services.
But some investors have taken cautious stance ahead of national budget in the wake of government's consideration to impose tax on profits generated from share trading, he added.
Strong and buying selling helped the turnover to cross Tk 9.0 billion-mark for the first time in about three weeks. It was Tk 9.30, up by 40 per cent over the previous session and highest since March 24.
Banking sector, the bellwether of the market, ended 1.52 per cent lower with Islami Bank and Pubali Bank dropping highest 4.08 per cent and 3.12 per cent respectively after price adjustment for dividends.
Among the banks, Social Islami Bank (SIBL), however, climbed highest 8.62 per cent after its price adjustment for dividend.
Mutual funds lost 2.37 per cent, leasing 0.73 per cent, fuel and power 0.79 per cent and general insurers 0.37 per cent.
Cement sector ended positive rising 1.20 per cent as Lafarge Surma Cement gained 1.87 per cent after the news that the Supreme Court of India has fixed today (Monday) as the hearing date on its mining operations in Meghalaya state.
Grameenphone fell 0.71 per cent to close at Tk 355.70 following price adjustment for cash dividends. Mutual funds declined 2.37 per cent.
Life insurances were very active as it advanced 3.13 per cent.
Beximco Ltd, the flagship company of the country's industrial conglomerate, was the top turnover leader with shares worth Tk 1.45 billion changing hands after it declared earlier that it will increase authorised capital to Tk 5.0 billion from existing Tk 1.0 billion and will acquire 100 per cent ordinary shares of Dhaka Shanghai Ceramics Limited (DSCL) amounting to Tk. 367. 50 million by exchange of one Beximco Limited shares for four DSCL shares, subject to approval of the securities regulator.
Other turnover leaders were Beximco Pharma, GP, LankaBangla Finance, Summit Power, Bextex, Prime Finance, Shinepukur Ceramics Ltd, Social Islami Bank Limited (SIBL) and Aftab Automobiles.
Legacy Footwear was the day's biggest gainer posting a rise of 8.96 per cent although the company reported that it posted accumulated loss to the tune of Tk 26.89 million in the 3rd quarter ended on 30th September 2009.
The day's other top gainers were SIBL, Apex Adelchi, Progressive Life Insurance, Popular Life Insurance, National Life Insurance and Meghna Condensed Milk.
Eastern Lubricants saw largest fall of 7.48 per cent in its share prices on profit taking.
It was followed by Therapeutics Bangladesh Ltd, Prime Insurance, Continental Insurance, NCC Bank, Gemini Sea Food, Safko Spinning, Dhaka Fisheries, and Zeal Bangla.
Dhaka stocks sank Sunday on profit taking coupled with cautious stance taken by the investors ahead of announcement of the national budget.
The market was in the positive territory almost throughout the session before entering in the red in the final hour as investors booked profits on banking, leasing and energy stocks.
The benchmark DSE General Index (DGEN) closed at 5556.52 with a meager fall of 13.11 points or 0.23 per cent, wiping off early gains of 30 points and breaking a two-day rally.
The broader All Shares Price Index (DSI) shed 7.44 points or 0.16 per cent to 4552.46 while DSE-20 Index comprising blue chips finished 25.37 points or 0.23 per cent down to end at 2888.84.
"Profit takers have sent the market to negative territory," said Ahmed Rashid Lali, managing director of Rashid and Investment Services.
But some investors have taken cautious stance ahead of national budget in the wake of government's consideration to impose tax on profits generated from share trading, he added.
Strong and buying selling helped the turnover to cross Tk 9.0 billion-mark for the first time in about three weeks. It was Tk 9.30, up by 40 per cent over the previous session and highest since March 24.
Banking sector, the bellwether of the market, ended 1.52 per cent lower with Islami Bank and Pubali Bank dropping highest 4.08 per cent and 3.12 per cent respectively after price adjustment for dividends.
Among the banks, Social Islami Bank (SIBL), however, climbed highest 8.62 per cent after its price adjustment for dividend.
Mutual funds lost 2.37 per cent, leasing 0.73 per cent, fuel and power 0.79 per cent and general insurers 0.37 per cent.
Cement sector ended positive rising 1.20 per cent as Lafarge Surma Cement gained 1.87 per cent after the news that the Supreme Court of India has fixed today (Monday) as the hearing date on its mining operations in Meghalaya state.
Grameenphone fell 0.71 per cent to close at Tk 355.70 following price adjustment for cash dividends. Mutual funds declined 2.37 per cent.
Life insurances were very active as it advanced 3.13 per cent.
Beximco Ltd, the flagship company of the country's industrial conglomerate, was the top turnover leader with shares worth Tk 1.45 billion changing hands after it declared earlier that it will increase authorised capital to Tk 5.0 billion from existing Tk 1.0 billion and will acquire 100 per cent ordinary shares of Dhaka Shanghai Ceramics Limited (DSCL) amounting to Tk. 367. 50 million by exchange of one Beximco Limited shares for four DSCL shares, subject to approval of the securities regulator.
Other turnover leaders were Beximco Pharma, GP, LankaBangla Finance, Summit Power, Bextex, Prime Finance, Shinepukur Ceramics Ltd, Social Islami Bank Limited (SIBL) and Aftab Automobiles.
Legacy Footwear was the day's biggest gainer posting a rise of 8.96 per cent although the company reported that it posted accumulated loss to the tune of Tk 26.89 million in the 3rd quarter ended on 30th September 2009.
The day's other top gainers were SIBL, Apex Adelchi, Progressive Life Insurance, Popular Life Insurance, National Life Insurance and Meghna Condensed Milk.
Eastern Lubricants saw largest fall of 7.48 per cent in its share prices on profit taking.
It was followed by Therapeutics Bangladesh Ltd, Prime Insurance, Continental Insurance, NCC Bank, Gemini Sea Food, Safko Spinning, Dhaka Fisheries, and Zeal Bangla.