Stocks decline, turnover up
Monday, 25 April 2011
FE Report
All the indices of Dhaka stocks fell more than one per cent on Sunday, as investors remained confused over the outcome of probe report on stock market scam. A sudden surge in the share price of Beximco group companies also marked the days trading. In the top ten turnover list, five companies emerged from the Beximco group and its share price also gained substantially in the trading. In the top gainers list, top five companies were from the Beximco group. Market insiders said, rumors relating to Beximco's corporate declaration prompted heavy trading in the Beximco group share. The conglomerate is scheduled to announce its corporate declaration April 28. However, the benchmark DSE General Index (DGEN), the yardstick of the DSE ended at 6,076.32, shedding 116.30 points or 1.88 per cent. The broader All Shares Price Index (DSI) went down by 95.84 points or 1.86 per cent to 5,053.28. The DSE-20 index comprising blue-chip shares lost 42.78 points or 1.11 per cent to 3,809.74. However, the market opened with a positive note, gaining more than 18 points within five minutes. After that, it fell gradually in the rest of the trading session amid moderate ups and downs and finally closed 116 points lower. "Small investors remained confused over the stock scam probe report and they also impressed concern over the government's action against the market manipulators," said Yawer Sayeed, managing director and CEO of AIMS of Bangladesh. He said that investors also lost some confidence in the current volatile market while big investors' remained also inactive relating to the uncertainty over investigation report. Though the turnover volume gained on the day, the flow of liquidity is still low as the money market remained tight and many of the investors remained shaky for fresh investment, he said. "The money market is still tight and banks offer high interest rate on deposit; as a result many investors began to deposit their money into banks instead of investing in the volatile share market," Mr Sayeed said. A total of 67.17 million shares changed hands on the day against 50.67 million in the previous session. The trade deals also increased to 140,538 against 115,848 in the previous session. The total market capitalization stood at Tk 2,755.06 billion against Tk 2,800.25 billion in the previous session. The losers took strong lead over the gainers as out 255 issues traded, only 23 advanced, 227 declined and five remained unchanged. However, the turnover stood at Tk 6.31 billion (US$ 91.5 million) in value terms, up by 32 per cent, from Tk 4.77 billion in the previous session. All sectors closed in the red zone, except the textile sector. The textile sector gained 0.59 per cent. Banking sector lost 2.84 per cent, NBFIs lost 2.71 per cent; telecommunications lost 1.72 per cent, fuel and power 1.65 per cent. Among the notable losers---mutual fund sector 2.32 per cent, general insurance 3.70 per cent, life insurance 1.87 per cent, pharmaceuticals 0.55 per cent, cement 1.58 per cent, tannery 1.72 per cent, jute 1.45 per cent and ceramics 0.79 per cent. Beximco Limited topped the turnover list with shares worth Tk 806.85 million changing hands. The other turnover leaders were Bextex Limited, Shinepukur Ceramics, Beximco Pharma, United Airways, Aftab Automobiles, Malek Spinning, Titas Gas, Beximco Synthetics and newly debut Salvo Chemicals. Bextex Limited was the day's highest gainer posting 9.80 per cent rise. It was followed by Shinepukur Ceramics, Beximco Pharma, Beximco Limited, Beximco Synthetics, Reckitt Benckiser (Bd.) Ltd, Chittagong Vegetable, National Tea, Bangas and Desh Garment. Shajalal Bank was the day's top loser and the Bank lost 27.17 per cent following its price adjustment after record date. The day's other prominent losers included Northern Insurance, Beacon Pharma, BD Finance, Sonargaon Textile, City General Insurance, National Housing Finance, Continental Insurance, BIFC and Republic Insurance.
All the indices of Dhaka stocks fell more than one per cent on Sunday, as investors remained confused over the outcome of probe report on stock market scam. A sudden surge in the share price of Beximco group companies also marked the days trading. In the top ten turnover list, five companies emerged from the Beximco group and its share price also gained substantially in the trading. In the top gainers list, top five companies were from the Beximco group. Market insiders said, rumors relating to Beximco's corporate declaration prompted heavy trading in the Beximco group share. The conglomerate is scheduled to announce its corporate declaration April 28. However, the benchmark DSE General Index (DGEN), the yardstick of the DSE ended at 6,076.32, shedding 116.30 points or 1.88 per cent. The broader All Shares Price Index (DSI) went down by 95.84 points or 1.86 per cent to 5,053.28. The DSE-20 index comprising blue-chip shares lost 42.78 points or 1.11 per cent to 3,809.74. However, the market opened with a positive note, gaining more than 18 points within five minutes. After that, it fell gradually in the rest of the trading session amid moderate ups and downs and finally closed 116 points lower. "Small investors remained confused over the stock scam probe report and they also impressed concern over the government's action against the market manipulators," said Yawer Sayeed, managing director and CEO of AIMS of Bangladesh. He said that investors also lost some confidence in the current volatile market while big investors' remained also inactive relating to the uncertainty over investigation report. Though the turnover volume gained on the day, the flow of liquidity is still low as the money market remained tight and many of the investors remained shaky for fresh investment, he said. "The money market is still tight and banks offer high interest rate on deposit; as a result many investors began to deposit their money into banks instead of investing in the volatile share market," Mr Sayeed said. A total of 67.17 million shares changed hands on the day against 50.67 million in the previous session. The trade deals also increased to 140,538 against 115,848 in the previous session. The total market capitalization stood at Tk 2,755.06 billion against Tk 2,800.25 billion in the previous session. The losers took strong lead over the gainers as out 255 issues traded, only 23 advanced, 227 declined and five remained unchanged. However, the turnover stood at Tk 6.31 billion (US$ 91.5 million) in value terms, up by 32 per cent, from Tk 4.77 billion in the previous session. All sectors closed in the red zone, except the textile sector. The textile sector gained 0.59 per cent. Banking sector lost 2.84 per cent, NBFIs lost 2.71 per cent; telecommunications lost 1.72 per cent, fuel and power 1.65 per cent. Among the notable losers---mutual fund sector 2.32 per cent, general insurance 3.70 per cent, life insurance 1.87 per cent, pharmaceuticals 0.55 per cent, cement 1.58 per cent, tannery 1.72 per cent, jute 1.45 per cent and ceramics 0.79 per cent. Beximco Limited topped the turnover list with shares worth Tk 806.85 million changing hands. The other turnover leaders were Bextex Limited, Shinepukur Ceramics, Beximco Pharma, United Airways, Aftab Automobiles, Malek Spinning, Titas Gas, Beximco Synthetics and newly debut Salvo Chemicals. Bextex Limited was the day's highest gainer posting 9.80 per cent rise. It was followed by Shinepukur Ceramics, Beximco Pharma, Beximco Limited, Beximco Synthetics, Reckitt Benckiser (Bd.) Ltd, Chittagong Vegetable, National Tea, Bangas and Desh Garment. Shajalal Bank was the day's top loser and the Bank lost 27.17 per cent following its price adjustment after record date. The day's other prominent losers included Northern Insurance, Beacon Pharma, BD Finance, Sonargaon Textile, City General Insurance, National Housing Finance, Continental Insurance, BIFC and Republic Insurance.