DSE turnover dips 35pc

Stocks slipped into the red Sunday, snapping a six-session winning streak with declining turnover as investors booked some profit on multinational corporations and banking stocks.
The market opened with an uptrend but lost momentum after the first 30 minutes of trade. At the end of the session, DSEX, the prime index of the Dhaka Stock Exchange (DSE) dipped below 4,700 points mark and ended at 4,666.41 points, shedding 36.04 points or 0.76 per cent.
The other two indices also ended lower. The DS30, comprising blue chips lost 14.95 points or 0.86 per cent to close at 1,705.23 points. The DSE Shariah Index (DSES) dropped 5.76 points or 0.55 per cent to close at 1,034.47 points.
The market activity dragged down, putting turnover below Tk 4.50 billion level and amounted to Tk 4.33 billion, which was 35.6 per cent lower from previous session's two and a half month high value as some investors pursued cautious stance and remained watchful.
"Market sheds some profit on the first day of the week as investors were lured to bag some profit on MNCs and banking stocks," commented LankaBangla Securities, in its regular market analysis.
Banks were the worst hit during the trading session as banking sector market capitalization fell by 1.5 per cent at the end of the day's trading session, said the stock broker.
Among the major corporate declarations, Global Heavy Chemical and National Tea Company declared EPS 1.94 and 24.46, which is 10.3 per cent and 22 per cent lower than previous year's earnings, said the stock broker.
"The investors booked profit since DSEX gained 112 points last six day. Naturally, sectors which gained mostly in the previous week like-banks, telecommunications, pharmaceutical and fuel & power encountered more correction," said International Leasing Securities.
Meanwhile, Lafarge Surma Cement revamped   its uptrend momentum and placed cement sector as the top gaining sector of 3.51 per cent gain, it said.
IDLC Investments said, "Straight decline over profit booking turned the day's session red."
The accumulation of 112 points in last six positive sessions fostered investors to re-think. Relying on the marginal assessment, some investors realized short-term profit amid the day-long cyclical adjustments, said the merchant bank.
However, stock specific vibration related to quarterly earnings announcement and expectation was prevalent, said the merchant bank.
"The market scenario in fact, gave space for some investors, to catch up with few of their targeted stocks within their expected range," said Zenith Investments.
The losers took a lead over the gainers as out of 295 issues traded, 166 declined, 98 advanced and 31 issues closed unchanged on the DSE floor.
Among the large cap sectors, NBFIs was the only one which closed in green with 1.13 per cent gain. Pharmaceuticals and banks were the big losers with losing 1.99 per cent and 1.52 per cent respectively.
Telecommunications, food & allied and fuel & power sectors lost 1.41 per cent, 0.72 per cent and 0.16 per cent respectively.  
Activities decreased in the major bourse (DSE) where volume and trade were down 19.50 per cent and 25.97 per cent respectively. A total of 0.087 million trades were executed with 100.26 million securities of trading volume.
The total market capitalisation on DSE stood at Tk 2,986.58 billion against Tk 3,002.35 billion in the previous trading session.
GP became the top turnover leader for the third running session with shares worth Tk 246.92 million changing hands followed by Meghna Petroleum, Lafarge Surma Cement, Olympic Industries and Southeast Bank.
Eastern Insurance was the day's highest gainer; posting a rise of 8.53 per cent while SIBL was the day's worst losers, slumping by 9.85 per cent.
Companies-with December year end-have started declaring their first quarter earnings. Four companies made their respective Q1'2014 earnings declarations on Sunday while six made their dividend declaration for the year ended Dec 2013.
The port city bourse - Chittagong Stock Exchange (CSE) also closed lower with its Selective Categories Index --- CSCX lost 87.43 points to stand at 8,997.12 points.
Losers beat gainers 137 to 67, with 13 issues remaining unchanged at the port city bourse that traded 8.68 million shares and mutual fund units, turnover value of Tk 302.21 million.