DSE turnover dips to Tk 2.58 billion

Stocks returned to the red Thursday, a day after positive trend amid sluggish participation as investors followed 'wait-and-see' approach ahead of national budget.
Following previous day's uptrend, the market started with positive vibe, but lost momentum after 40 minutes of trade. Eventually, DSEX, the prime index of the Dhaka Stock Exchange (DSE) went down by 26.56 points or 0.60 per cent to close at Tk 4,384.06 points.
The other two indices also ended lower. The DS30, comprising blue chips lost 15.01 points or 0.93 per cent to close at 1,589.60 points. The DSE Shariah Index (DSES) dropped 9.72 points or 0.98 per cent to close at 972.91 points.
DSE turnover came down to Tk 2.58 billion, registering a decline of 4.79 per cent over the previous session's value of Tk 2.71 billion.
"Index folded back again losing 26.57 points. Market breath subdued with 150 declining stocks over 87 advancing stocks as investors remained cautious," said LankaBangla Securities.
However, mutual fund and general insurance stocks bucked the trend, continuing its moderate up move for the second consecutive session, said the stock broker.
The long-awaited Padma Bridge project finally sees breakthrough after a three-year delay. The cost of the main bridge construction is set at US$ 1.55 billion. Country's construction sector will get a boost if construction work of the bridge is initiated, it said.
According to major economic news, the government is set to raise its borrowing target from savings instruments by 82 per cent for FY'15. Per Capita Income (GNI) of Bangladesh has risen to US$ 1190 in the current fiscal year. Real GDP growth for FY'14 is estimated at 6.12 per cent, the stock broker added.
"Last session's enthusiasm evaporated Thursday by resuming the downtrend," commented IDLC Investments.  
Initial attempt to rise gradually lost its vigor amid shaky sentiment. Besides, activities were sluggish in the initial hours, as majority participants remained cautious observer, said the merchant bank.
"Considerable price correction in major sectors like telecommunications, food & allied and pharmaceuticals mainly pushed the stock market into the red zone," said International Leasing Securities.
"The market could not keep its uptrend intact and gave in to sell pressure with low turnover volume. The performance of the banking sector, throughout most of the trading day was laudable, however due to lack of support from other sectors; banks too had to face down," said Zenith Investments.
"It was apparent that after continuous downfall, a sudden movement of the market like the last trading day is not enough to change the course of the direction. In fact, the market will sidewalk and fluctuate before steering into a new track," said the Zenith analysis.
The losers took a strong lead over the losers as out of 291 issues traded, 159 declined, 87 advanced and 45 closed unchanged on the DSE floor.
Activities increased in the major bourse (DSE) where volume and trade were up 9.05 per cent and 1.6 per cent respectively. A total number of 0.067 million trades were executed in day's trading session with 66.70 million securities of trading volume.
The total market capitalisation on the DSE stood at Tk 2,846.98 billion against Tk 2,868.20 billion in the previous trading session.
Square Pharmaceuticals became the top turnover leader with shares worth Tk 201.93 million changing hands followed by Lafarge Surma Cement, Prime Bank, Heidelberg Cement and GP.
The investors' attention was mostly focus on pharmaceutical, bank, textile and cement sectors, accounted for 20.01 per cent, 14.58 per cent, 12.12 per cent and 11.67 per cent of day's total market turnover.
Ambee Pharma was the day's highest gainer; posting a rise of 6.35 per cent while Purabi General Insurance was the day's worst losers, slumping by 11.96 per cent.
The port city bourse -- Chittagong Stock Exchange (CSE) also returned to the negative with its Selective Categories Index -- CSCX lost 37.14 points to stand at 8,435.24 points.
Losers beat gainers 110 to 60, with 36 issues remaining unchanged at the port city bourse that traded 5.67 million shares and mutual fund units, turnover value of Tk 196.97 million.