Rumours keep prices bearish
FE Report | Saturday, 14 June 2008
The Dhaka Stock Exchange (DSE) witnessed a bearish trend in the week that ended Thursday, due to panic wave triggered by rumours that the securities regulator might impose some sort of restrictions on trading.
Against the backdrop of recent abnormal rise of some issues, the Securities and Exchange Commission (SEC) held a series of meeting to cool down the overheated market and this prompted the prime bourse to go bearish in the week, according to the market operators.
The benchmark DSE General Index (DGEN), All Shares Price Index (DSI) and DSE 20 lost 83.44 points, 72.39 points and 46.24 points in the week to close at 3070.75, 2602.43 and 2533.84 respectively.
The panic selling spree caused the DGEN to tumble in the second and fourth sessions. It dipped 78.87 points, the third lowest single-day fall this year, in the second session and 93 points, the highest single-day fall this year, in the fourth session.
But in the last session ended Thursday when the SEC cancelled a scheduled meeting with the bourses and merchant banks, the benchmark rose to 11-week high hitting 45 points, the highest single day rise, since May 12.
Less number of investors also took part in trading as they felt discomfort due to regulators possible move to pacify the market, resulting in a low turnover in the week, a stock dealer said.
However, the bourse crossed Tk 5.0 billion-mark in the first session to reach at an all time high of Tk 5.50 billion against the previous all time high of Tk 4.98 billion.
The daily average turnover declined 9.93 per cent to Tk 3.89 billion from the previous week's record high of Tk 4.32 billion.
Out of 286 issues traded, only 64 advanced, 183 declined and nine remained unchanged.
The total market capitalisation, however, rose 0.14 per cent to Tk 881.28 billion against the previous Tk 880.05 billion.
Share Prices of BD Thai Aluminum, a Z-category issue, posted the highest gain of 24.18 per cent, followed by Janata Insurance 21.75 per cent, Apex Spinning 19.31 per cent, BEXIMCO 18.15 per cent, Prime Insurance 17.34 per cent, Padma Oil 16.93 per cent, Delta Spinners 16.93 per cent, Fu Wang Food 15.70 per cent, Federal Insurance 14.80 per cent and Monno Stafflers 14.62 per cent.
Global Insurance was the second top gainer with 46.98 per cent rise in its share price, followed by Rose Heaven Ball Pen with 42.31 per cent, Paper Processing 39.39 per cent, Asia Pacific General Insurance 34.29 per cent, Phoenix Insurance 33.47 per cent, Metro Spinning 33.33 per cent, Karnaphuli Insurance 33.8 per cent, Rangpur Foundry 33.07 per cent and Shinepukur Holdings 26.13 per cent.
The AIMS First Mutual Fund, accounting for 5.92 per cent of the total transaction of the week, was the top turnover leader for the third consecutive week with shares worth Tk 1.15 billion traded.
Accounting for 5.77 per cent of the week's total transaction, Beximco Pharma was the second top turnover leader with shares worth Tk 1.15 billion changing hands and Square Pharma bagged the third position with shares worth Tk 745. 01 million traded.
Other next turnover leaders were S Alam Cold Rolled Steels Limited, LankaBangla Finance, Grameen Mutual Fund One, Shahjalal Islami Bank, AB Bank, Keya Cosmetics and BATBC.
Monno Jutex and Karnaphuli Insurance were the top and second losers respectively posting a share price fall of 45.73 per cent and 26.67 per cent.
Mona Food, Union Capital, Prime Insurance, IPDC, Peoples Insurance, AIMS First Mutual Fund, Rose Heaven Ball Pen and Savar Refractories were the other top losers in the week.
A-category issues accounted for 82.59 per cent of the total turnover of the week while B-category issues shared 2.11 per cent, G-category 0.90 per cent, N-category 10.71 per cent and Z-category 3.70 per cent.
Against the backdrop of recent abnormal rise of some issues, the Securities and Exchange Commission (SEC) held a series of meeting to cool down the overheated market and this prompted the prime bourse to go bearish in the week, according to the market operators.
The benchmark DSE General Index (DGEN), All Shares Price Index (DSI) and DSE 20 lost 83.44 points, 72.39 points and 46.24 points in the week to close at 3070.75, 2602.43 and 2533.84 respectively.
The panic selling spree caused the DGEN to tumble in the second and fourth sessions. It dipped 78.87 points, the third lowest single-day fall this year, in the second session and 93 points, the highest single-day fall this year, in the fourth session.
But in the last session ended Thursday when the SEC cancelled a scheduled meeting with the bourses and merchant banks, the benchmark rose to 11-week high hitting 45 points, the highest single day rise, since May 12.
Less number of investors also took part in trading as they felt discomfort due to regulators possible move to pacify the market, resulting in a low turnover in the week, a stock dealer said.
However, the bourse crossed Tk 5.0 billion-mark in the first session to reach at an all time high of Tk 5.50 billion against the previous all time high of Tk 4.98 billion.
The daily average turnover declined 9.93 per cent to Tk 3.89 billion from the previous week's record high of Tk 4.32 billion.
Out of 286 issues traded, only 64 advanced, 183 declined and nine remained unchanged.
The total market capitalisation, however, rose 0.14 per cent to Tk 881.28 billion against the previous Tk 880.05 billion.
Share Prices of BD Thai Aluminum, a Z-category issue, posted the highest gain of 24.18 per cent, followed by Janata Insurance 21.75 per cent, Apex Spinning 19.31 per cent, BEXIMCO 18.15 per cent, Prime Insurance 17.34 per cent, Padma Oil 16.93 per cent, Delta Spinners 16.93 per cent, Fu Wang Food 15.70 per cent, Federal Insurance 14.80 per cent and Monno Stafflers 14.62 per cent.
Global Insurance was the second top gainer with 46.98 per cent rise in its share price, followed by Rose Heaven Ball Pen with 42.31 per cent, Paper Processing 39.39 per cent, Asia Pacific General Insurance 34.29 per cent, Phoenix Insurance 33.47 per cent, Metro Spinning 33.33 per cent, Karnaphuli Insurance 33.8 per cent, Rangpur Foundry 33.07 per cent and Shinepukur Holdings 26.13 per cent.
The AIMS First Mutual Fund, accounting for 5.92 per cent of the total transaction of the week, was the top turnover leader for the third consecutive week with shares worth Tk 1.15 billion traded.
Accounting for 5.77 per cent of the week's total transaction, Beximco Pharma was the second top turnover leader with shares worth Tk 1.15 billion changing hands and Square Pharma bagged the third position with shares worth Tk 745. 01 million traded.
Other next turnover leaders were S Alam Cold Rolled Steels Limited, LankaBangla Finance, Grameen Mutual Fund One, Shahjalal Islami Bank, AB Bank, Keya Cosmetics and BATBC.
Monno Jutex and Karnaphuli Insurance were the top and second losers respectively posting a share price fall of 45.73 per cent and 26.67 per cent.
Mona Food, Union Capital, Prime Insurance, IPDC, Peoples Insurance, AIMS First Mutual Fund, Rose Heaven Ball Pen and Savar Refractories were the other top losers in the week.
A-category issues accounted for 82.59 per cent of the total turnover of the week while B-category issues shared 2.11 per cent, G-category 0.90 per cent, N-category 10.71 per cent and Z-category 3.70 per cent.