Stocks make slight gain amid sharp decline in turnover
Wednesday, 9 September 2009
FE Report
Dhaka stocks gained marginally Tuesday, snapping two-day consecutive fall, with sharpest decline in turnover.
The market, however, began with higher note in the morning but started to decline and went into the negative territory just one hour before the close. At the end of the day it recovered slightly.
The benchmark DSE General Index (DGEN) closed at 2936.82 with a meagre gain of 0.50 points or 0.01 per cent, wiping off early gains of 18 points.
The broader All Shares Price Index (DSI) gained 0.55 points or 0.22 per cent to end at 2468.86. The DSE 20 blue chip index was up 3.71 points or 0.17 per cent to finish at 2119.01.
Most of the banks, non-banking financial institutions (NBFIs) and insurance lost. Most mutual funds and energy issues gained. Pharmaceuticals ended mixed.
"The market failed to get back its strength because of number of factors including ongoing pre-IPO (initial public offering) placement, forthcoming IPOs and imminent Eid-festival," said Akter H Sannamat, managing director of the Prime Finance and Investment Ltd.
Figure of losers and gainers were almost the same as out of 236 issues traded, 119 went into the positive zone, 111 into the negative and six remained unchanged.
Turnover was alarmingly low on the day, losing almost a third of its value.
It came down to Tk 4.0 billion-mark for the first time in one week as it lost 32.3 per cent to stand at Tk 3.37 billion against the previous session's Tk 4.97 billion.
Navana CNG has taken away nearly Tk 1.0 billion from the market, which might be the cause in sharp decline in turnover, Sannamat said.
"The recent downbeat trend and volatility of the market has reduced investors' confidence, and investors were more cautious leading to lower trading and turnover," said Equity Partners Ltd (EPL), an investment bank.
A total of 1,78,38,000 shares out of 18,150,000 of the Navana CNG have been sold so far since its debut on August 30 last. Share price of the company edged down 2.79 per cent to close at Tk 208.40 per share.
The country's second largest drug maker Beximco Pharma was the top turnover leader with shares worth Tk 223.31 million traded.
Navana CNG slipped from the top turnover position after two days and emerged second with shares worth Tk 204.29 million changing hands.
Rahim Textile, Renwick Jajneswar, Savar Refractories, Modern Dyeing, Gemini Sea Food, Jute Spinning, Monno Staffler, Aramit were the top gainers on the day.
TBL, Janata Insurance, Modern Industries, Standard Insurance and Federal Insurance were the major losers.
Dhaka stocks gained marginally Tuesday, snapping two-day consecutive fall, with sharpest decline in turnover.
The market, however, began with higher note in the morning but started to decline and went into the negative territory just one hour before the close. At the end of the day it recovered slightly.
The benchmark DSE General Index (DGEN) closed at 2936.82 with a meagre gain of 0.50 points or 0.01 per cent, wiping off early gains of 18 points.
The broader All Shares Price Index (DSI) gained 0.55 points or 0.22 per cent to end at 2468.86. The DSE 20 blue chip index was up 3.71 points or 0.17 per cent to finish at 2119.01.
Most of the banks, non-banking financial institutions (NBFIs) and insurance lost. Most mutual funds and energy issues gained. Pharmaceuticals ended mixed.
"The market failed to get back its strength because of number of factors including ongoing pre-IPO (initial public offering) placement, forthcoming IPOs and imminent Eid-festival," said Akter H Sannamat, managing director of the Prime Finance and Investment Ltd.
Figure of losers and gainers were almost the same as out of 236 issues traded, 119 went into the positive zone, 111 into the negative and six remained unchanged.
Turnover was alarmingly low on the day, losing almost a third of its value.
It came down to Tk 4.0 billion-mark for the first time in one week as it lost 32.3 per cent to stand at Tk 3.37 billion against the previous session's Tk 4.97 billion.
Navana CNG has taken away nearly Tk 1.0 billion from the market, which might be the cause in sharp decline in turnover, Sannamat said.
"The recent downbeat trend and volatility of the market has reduced investors' confidence, and investors were more cautious leading to lower trading and turnover," said Equity Partners Ltd (EPL), an investment bank.
A total of 1,78,38,000 shares out of 18,150,000 of the Navana CNG have been sold so far since its debut on August 30 last. Share price of the company edged down 2.79 per cent to close at Tk 208.40 per share.
The country's second largest drug maker Beximco Pharma was the top turnover leader with shares worth Tk 223.31 million traded.
Navana CNG slipped from the top turnover position after two days and emerged second with shares worth Tk 204.29 million changing hands.
Rahim Textile, Renwick Jajneswar, Savar Refractories, Modern Dyeing, Gemini Sea Food, Jute Spinning, Monno Staffler, Aramit were the top gainers on the day.
TBL, Janata Insurance, Modern Industries, Standard Insurance and Federal Insurance were the major losers.