Stocks close higher amid lower turnover******
Friday, 22 April 2011
FE Report
Dhaka stocks closed higher Thursday snapping fifth consecutive sessions of losses amid volatility with substantially low turnover as big investors remained inactive. The turnover stood at Tk 4.77 billion in value terms, down by 22.0 per cent, from Tk 6.11 billion in the previous trading session -- nearly two months low since March 1. On March 1, total turnover was Tk 4.32 billion. Salauddin Ahmed Khan, a finance professor of Dhaka University and also the former CEO of the DSE said: "The flow of liquidity has substantially declined due to tight money market. The big investors are also inactive due to the ongoing hype on the stock market scam report and they are following the market movement." However, he said the market may get momentum in the next week as the biggest ever Tk 50 billion open-ended mutual fund-'Bangladesh Fund' will likely get registration next week. Arif Khan, managing director of Zenith Investment, an asset management company said, though the market closed positive, the volume is very low as investors are shaky for fresh investment and many of them are watching the market situation. "Many investors are in dilemma about the stock scam probe report and many of them remained confusion and observing the market movement. They lost confidence in the current behaviour of the market and they don't fell comfortable to fresh investment," said Mr Khan. Media report regarding restriction for government officials' investment in the stocks made the investors shaky, said a leading merchant banker. The market opened with a positive note, gaining more than 50 points within 30 minutes. After ups and downs several times throughout the session and finally closed 60 points higher. The benchmark DSE General Index (DGEN), the yardstick of the DSE rose 60.06 points or 0.98 per cent and ended at 6,192.62. The broader All Shares Price Index (DSI) went up 47.89 points or 0.94 per cent to close at 5,149.11. The DSE-20 index comprising blue-chip shares soared 20.95 points or 0.55 per cent to 3,852.52. All sectors closed in the green zone, except banks. Baking sector, the bellwether of the DSE lost 0.56 per cent on the day. NBFIs gained 0.83 per cent, telecommunications 0.12 per cent and fuel and power 0.67 per cent. Among the notable gainers---mutual fund sector 0.89 per cent, general insurance 1.26 per cent, life insurance 2.13 per cent, pharmaceuticals 1.70 per cent, cement 0.89 per cent, textile 1.67 per cent, tannery 1.82 per cent, jute 3.31 per cent and ceramics 2.23 per cent. A total of 50.67 million shares changed hands on the day against 67.61 million in the previous session. The trade deals decreased to 115,848 against Wednesday's 136,119. The total market capitalization increased to Tk 2,800.25 billion against Tk 2,776.16 billion in the previous session. The gainers took strong lead over the losers as out 253 issues traded, 212 gained, 38 lost and three remained unchanged. Salvo Chemicals, which made its debut in the Dhaka Stock Exchange (DSE) Thursday, emerged as the top turnover with shares worth Tk 257.03 million changing hands. The other turnover leaders were United Airways, Beximco Limited, Malek Spinning, Aftab Automobiles, DESCO, Bextex Limited, ACI Limited, ACI Formula and Titas Gas. The Salvo Chemicals was also the highest gainer on the day, posting 587.0 per cent rise. It was the followed by ACI Formula, Desh Garment, Rahima Food, Reckitt Benckiser (Bd.)Ltd, Miracle Industries, Purabi General Insurance, Anlima Yarn, Eastern Insurance and Apex Spinning. City Bank and United Insurance were the top losers on the day, lost 23.73 per cent and 14.31 per cent respectively following their price adjustment after record date. The other top losers include Northern Jute Manufacturing Co. Ltd, Gemini Sea Food, Monno Jutex, Fourth ICB, Stylecraft Limited, ICB Islamic Bank, Eastern Cables and Al-Haj Textile.
Dhaka stocks closed higher Thursday snapping fifth consecutive sessions of losses amid volatility with substantially low turnover as big investors remained inactive. The turnover stood at Tk 4.77 billion in value terms, down by 22.0 per cent, from Tk 6.11 billion in the previous trading session -- nearly two months low since March 1. On March 1, total turnover was Tk 4.32 billion. Salauddin Ahmed Khan, a finance professor of Dhaka University and also the former CEO of the DSE said: "The flow of liquidity has substantially declined due to tight money market. The big investors are also inactive due to the ongoing hype on the stock market scam report and they are following the market movement." However, he said the market may get momentum in the next week as the biggest ever Tk 50 billion open-ended mutual fund-'Bangladesh Fund' will likely get registration next week. Arif Khan, managing director of Zenith Investment, an asset management company said, though the market closed positive, the volume is very low as investors are shaky for fresh investment and many of them are watching the market situation. "Many investors are in dilemma about the stock scam probe report and many of them remained confusion and observing the market movement. They lost confidence in the current behaviour of the market and they don't fell comfortable to fresh investment," said Mr Khan. Media report regarding restriction for government officials' investment in the stocks made the investors shaky, said a leading merchant banker. The market opened with a positive note, gaining more than 50 points within 30 minutes. After ups and downs several times throughout the session and finally closed 60 points higher. The benchmark DSE General Index (DGEN), the yardstick of the DSE rose 60.06 points or 0.98 per cent and ended at 6,192.62. The broader All Shares Price Index (DSI) went up 47.89 points or 0.94 per cent to close at 5,149.11. The DSE-20 index comprising blue-chip shares soared 20.95 points or 0.55 per cent to 3,852.52. All sectors closed in the green zone, except banks. Baking sector, the bellwether of the DSE lost 0.56 per cent on the day. NBFIs gained 0.83 per cent, telecommunications 0.12 per cent and fuel and power 0.67 per cent. Among the notable gainers---mutual fund sector 0.89 per cent, general insurance 1.26 per cent, life insurance 2.13 per cent, pharmaceuticals 1.70 per cent, cement 0.89 per cent, textile 1.67 per cent, tannery 1.82 per cent, jute 3.31 per cent and ceramics 2.23 per cent. A total of 50.67 million shares changed hands on the day against 67.61 million in the previous session. The trade deals decreased to 115,848 against Wednesday's 136,119. The total market capitalization increased to Tk 2,800.25 billion against Tk 2,776.16 billion in the previous session. The gainers took strong lead over the losers as out 253 issues traded, 212 gained, 38 lost and three remained unchanged. Salvo Chemicals, which made its debut in the Dhaka Stock Exchange (DSE) Thursday, emerged as the top turnover with shares worth Tk 257.03 million changing hands. The other turnover leaders were United Airways, Beximco Limited, Malek Spinning, Aftab Automobiles, DESCO, Bextex Limited, ACI Limited, ACI Formula and Titas Gas. The Salvo Chemicals was also the highest gainer on the day, posting 587.0 per cent rise. It was the followed by ACI Formula, Desh Garment, Rahima Food, Reckitt Benckiser (Bd.)Ltd, Miracle Industries, Purabi General Insurance, Anlima Yarn, Eastern Insurance and Apex Spinning. City Bank and United Insurance were the top losers on the day, lost 23.73 per cent and 14.31 per cent respectively following their price adjustment after record date. The other top losers include Northern Jute Manufacturing Co. Ltd, Gemini Sea Food, Monno Jutex, Fourth ICB, Stylecraft Limited, ICB Islamic Bank, Eastern Cables and Al-Haj Textile.