Stocks close lower
Wednesday, 30 March 2011
FE Report
Despite maintaining bullish trend in the majority part of the trading session Dhaka stocks closed lower on Tuesday with substantial rise in the turnover. The investors were in buying mood for about two hours of the initial trading session. But in the last two hours, it fell gradually with moderate see-saw and finally closed 21 points lower. However, the daily total turnover increased to Tk 9.47 billion in value terms, up by 19.8 per cent from Tk 7.91 billion in the previous session. At the end of the day, the benchmark index of the Dhaka Stock Exchange (DSE), the yardstick of the market ended at 6,221.67, shedding 0.35 per cent or 21.86 points. Although at one point DGEN gained 135 points. Out of 259 issues traded on the day, 97 advanced, 156 declined and six remained unchanged. The broader DSE All Shares Price Index (DSI) lost 12.52 points or 0.24 per cent to 5165.47. The DSE-20 index including blue chips slipped 0.27 per cent or 10.59 points to 3,917.58. With Tuesday's fall, Dhaka stocks retraced for the fifth time in the last six sessions. Market insiders said, investor were buoyant in the early hours of trading over a media report which said that the authority of proposed Tk 50 billion Bangladesh Fund (BF) is going to seek permission from Securities and Exchange Commission (SEC) on Tuesday. But the momentum did not last long as investors opted for profit booking in the late hours of trading. Chittagong Stock Exchange (CSE) president Fakhor Uddin Ali Ahmed said late profit booking in some sectors made the market mixed. "Though the turnover rose Tuesday, it is still low as fresh investment is not coming into the market," he said. He said, to bring back the investors' confidence and stabilise the market, share supply should be increased along with increased foreign investment. He also urged the investors to invest those stocks which are fundamentally strong. Meanwhile, among the major sectors, Banks slightly gained by 0.19 per cent, NBFIs 0.14 per cent, Pharmaceuticals 0.54 per cent, cement 2.79 per cent, tannery 0.42 per cent while fuel and power lost 0.68 per cent, mutual fund 1.22 per cent, textile 1.64 per cent lost on the day. Among the 27 listed banks traded, 10 lost and 17 advanced, among the 44 listed Insurance companies only six advanced on the day. Among 20 issues traded in NBFIs sector, only six gained. Grameenphone, the most weighted shares in the DSE, lost Tk 2.70 per share and closed Tk 165.30 and the sector lost 1.66 per cent on the day. A total of 76.26 million shares changed hands against 67.17 million in the previous session. The trade deals also increased and stood at 178,791 against 157,041 in the previous session. The market capitalization slightly decreased and stood at Tk 2,800.86 billion against Tk 2,811.32 billion in the previous session. Sonargaon Textile emerged as the day's highest gainer posting 7.48 per cent rise. It was followed by BD Autocars, Tallu Spinning, Reckinben Industries, Apex Foods, Jute Spinning, Usmania Glass, Mithun Knitting, DBBL and Bangas. Golden Son emerged as the top turnover leader with shares worth Tk 380.51 million changing hands and Beximco Limited bagged the second position after several weeks as the company's shares worth Tk 362.75 million were transacted. The other turnover leaders were RN Spinning, Peoples Leasing, Titas Gas, Padma Oil, Bextex Limited, Maksons Spinning, Confidence Cement and United Airways. Singer Bangladesh was the day's top loser as the company lost 43.71 per cent following its price adjustment after record date for dividend entitlement. It was followed by Meghna Petroleum, ICB AMCL Islamic Mutual Fund, Imam Button, Continental Insurance, Ocean Container Limited, Eastern Lubricants, Phoenix Insurance, Agni Systems Ltd and Fu-Wang Ceramics.
Despite maintaining bullish trend in the majority part of the trading session Dhaka stocks closed lower on Tuesday with substantial rise in the turnover. The investors were in buying mood for about two hours of the initial trading session. But in the last two hours, it fell gradually with moderate see-saw and finally closed 21 points lower. However, the daily total turnover increased to Tk 9.47 billion in value terms, up by 19.8 per cent from Tk 7.91 billion in the previous session. At the end of the day, the benchmark index of the Dhaka Stock Exchange (DSE), the yardstick of the market ended at 6,221.67, shedding 0.35 per cent or 21.86 points. Although at one point DGEN gained 135 points. Out of 259 issues traded on the day, 97 advanced, 156 declined and six remained unchanged. The broader DSE All Shares Price Index (DSI) lost 12.52 points or 0.24 per cent to 5165.47. The DSE-20 index including blue chips slipped 0.27 per cent or 10.59 points to 3,917.58. With Tuesday's fall, Dhaka stocks retraced for the fifth time in the last six sessions. Market insiders said, investor were buoyant in the early hours of trading over a media report which said that the authority of proposed Tk 50 billion Bangladesh Fund (BF) is going to seek permission from Securities and Exchange Commission (SEC) on Tuesday. But the momentum did not last long as investors opted for profit booking in the late hours of trading. Chittagong Stock Exchange (CSE) president Fakhor Uddin Ali Ahmed said late profit booking in some sectors made the market mixed. "Though the turnover rose Tuesday, it is still low as fresh investment is not coming into the market," he said. He said, to bring back the investors' confidence and stabilise the market, share supply should be increased along with increased foreign investment. He also urged the investors to invest those stocks which are fundamentally strong. Meanwhile, among the major sectors, Banks slightly gained by 0.19 per cent, NBFIs 0.14 per cent, Pharmaceuticals 0.54 per cent, cement 2.79 per cent, tannery 0.42 per cent while fuel and power lost 0.68 per cent, mutual fund 1.22 per cent, textile 1.64 per cent lost on the day. Among the 27 listed banks traded, 10 lost and 17 advanced, among the 44 listed Insurance companies only six advanced on the day. Among 20 issues traded in NBFIs sector, only six gained. Grameenphone, the most weighted shares in the DSE, lost Tk 2.70 per share and closed Tk 165.30 and the sector lost 1.66 per cent on the day. A total of 76.26 million shares changed hands against 67.17 million in the previous session. The trade deals also increased and stood at 178,791 against 157,041 in the previous session. The market capitalization slightly decreased and stood at Tk 2,800.86 billion against Tk 2,811.32 billion in the previous session. Sonargaon Textile emerged as the day's highest gainer posting 7.48 per cent rise. It was followed by BD Autocars, Tallu Spinning, Reckinben Industries, Apex Foods, Jute Spinning, Usmania Glass, Mithun Knitting, DBBL and Bangas. Golden Son emerged as the top turnover leader with shares worth Tk 380.51 million changing hands and Beximco Limited bagged the second position after several weeks as the company's shares worth Tk 362.75 million were transacted. The other turnover leaders were RN Spinning, Peoples Leasing, Titas Gas, Padma Oil, Bextex Limited, Maksons Spinning, Confidence Cement and United Airways. Singer Bangladesh was the day's top loser as the company lost 43.71 per cent following its price adjustment after record date for dividend entitlement. It was followed by Meghna Petroleum, ICB AMCL Islamic Mutual Fund, Imam Button, Continental Insurance, Ocean Container Limited, Eastern Lubricants, Phoenix Insurance, Agni Systems Ltd and Fu-Wang Ceramics.