Profit takers send stock mkt into red
Thursday, 12 November 2009
FE Report
Dhaka stocks fell on profit taking in the heavily fluctuating market Wednesday, snapping the two-day record-breaking rally.
Turnover rose to Tk 10.88 billion, fueled by the highest ever single-day transaction by Titas Gas.
The market swung between gains and losses several times as some 'punters' sold off their holdings at higher prices and bought again at lower prices capitalising the news that the consultative committee of the Securities and Exchange Commission (SEC) has proposed to set uniform face value of shares at Tk 10, sources said.
The benchmark Dhaka Stock Exchange (DSE)
General Index (DGEN) seesawed much of the session gaining 20 points in the morning but shed 23.98 points or 0.69 per cent to 3422.62 at the end of the day.
The broader DSE All Shares Price Index (DSI) lost 17.80 points or 0.62 per cent to 2856.17 while DSE-20 blue chips index dropped 18.13 points or 0.76 per cent to 2298.08.
"Profit takers sent the market into the red," said Akter H Sannamat, managing director of the Prime Finance and Investment Ltd. "The market showed mature behaviour despite positive news for which the investors always remain hungry," he added.
However, a dealer requesting not to be named said, "Selling prices at higher prices and buying at lower prices again by the 'punters' have affected the normal price movement of the market on the day."
SEC Member Mansur Alam ensured about the consultative committees proposals with the FE Tuesday.
But the DSE said in its website Wednesday, "No decision has been taken yet on split of face value of shares of all listed companies. There was only a discussion on the proposal in this regard in the consultative committee meeting of SEC held on November 10, 2009."
Prices of many scrips like DESCO and Titas Gas saw wild price fluctuation and finally went into the red despite the positive news that the face value might be split from Tk 100 into Tk 10 if securities regulator approved the proposal of its consultative committee.
Opening at Tk 1620 a share, share prices of the DESCO rose as high as Tk 1660 before dipping at Tk 1550 at close.
Dhaka stocks fell on profit taking in the heavily fluctuating market Wednesday, snapping the two-day record-breaking rally.
Turnover rose to Tk 10.88 billion, fueled by the highest ever single-day transaction by Titas Gas.
The market swung between gains and losses several times as some 'punters' sold off their holdings at higher prices and bought again at lower prices capitalising the news that the consultative committee of the Securities and Exchange Commission (SEC) has proposed to set uniform face value of shares at Tk 10, sources said.
The benchmark Dhaka Stock Exchange (DSE)
General Index (DGEN) seesawed much of the session gaining 20 points in the morning but shed 23.98 points or 0.69 per cent to 3422.62 at the end of the day.
The broader DSE All Shares Price Index (DSI) lost 17.80 points or 0.62 per cent to 2856.17 while DSE-20 blue chips index dropped 18.13 points or 0.76 per cent to 2298.08.
"Profit takers sent the market into the red," said Akter H Sannamat, managing director of the Prime Finance and Investment Ltd. "The market showed mature behaviour despite positive news for which the investors always remain hungry," he added.
However, a dealer requesting not to be named said, "Selling prices at higher prices and buying at lower prices again by the 'punters' have affected the normal price movement of the market on the day."
SEC Member Mansur Alam ensured about the consultative committees proposals with the FE Tuesday.
But the DSE said in its website Wednesday, "No decision has been taken yet on split of face value of shares of all listed companies. There was only a discussion on the proposal in this regard in the consultative committee meeting of SEC held on November 10, 2009."
Prices of many scrips like DESCO and Titas Gas saw wild price fluctuation and finally went into the red despite the positive news that the face value might be split from Tk 100 into Tk 10 if securities regulator approved the proposal of its consultative committee.
Opening at Tk 1620 a share, share prices of the DESCO rose as high as Tk 1660 before dipping at Tk 1550 at close.