Titas Gas pushes up DSE turnover
FE Report | Friday, 8 August 2008
Dhaka stocks closed slightly lower Thursday after two straight sessions of gain with the turnover increasing, thanks to significant trading in Titas Gas shares, which accounted for over 20 per cent of the total turnover.
Trading in shares of the United Commercial Bank (UCB) Limited was suspended following separate applications filed by two individual investors challenging a High Court judgment over holding the pending AGMs of the bank.
'Trading in UCB stocks will remain suspended until a further decision of the court,' said an official of the Dhaka Stock Exchange (DSE).
All the market barometers - the benchmark DSE General Index (DGEN), All Shares Price Index and DSE-20 -- lost 2.69 points, 5.78 points and 8.64 points to close at 2732.01, 2345.60 and 2490.63 respectively.
Investors put their funds in Titas Gas after disposing of their holdings, which has sent the market into the red, according to the market operators.
However, some said the market remained flat as the investors were suffering from a confidence crisis due to loss of huge funds invested in mutual funds, according to the market operators.
The total turnover, however, rose to Tk 2.73 billion against the previous day's Tk 2.51 billion. The losers outshined the gainers as out of 227 issues traded, 52 advanced, 161 declined and 14 remained changed.
The total market capitalisation continued to decrease to Tk 951.99 billion against the previous Tk 953.84 billion.
A total of 1,601,900 shares of Titas Gas worth Tk 567.63 million were sold on the prime bourse. Share prices of Titas, the top turnover leader, accounted for around 20 per cent of the total turnover and it was also the top gainer for the second consecutive day with its share price posting a rise of 16.99 per cent to end at Tk 382.00.
More than 50 per cent institutional investors poured their funds on Titas stocks Thursday and the rest came from individual investors, according to a source with the ICB, the selling agent.
A total of over 8.2 million shares of the gas distribution company were sold both on the DSE and Chittagong Stock Exchange (CSE).
After two days of trading suspension, the mutual funds' share trading resumed on the day. The prices of the funds could not rise as expected after issuance of a three-month High Court stay order on the securities regulator's amendment to the close-end mutual fund rules as investors remained cautious, said a stock broker.
Stock prices of the AIMS First Mutual Fund was the biggest loser with 13.21 per cent drop, making it the second top turnover leader with shares worth Tk 152.06 million traded.
The next other top turnover leaders on the day were Beximco Limited, Beximco Pharma, Grameen One Mutual Fund, Lanka Bangla Finance, Square Pharma, Islami Bank, BATBC and Uttara Bank.
Modern Industries was the second top gainer with a rise of 9.48 per cent in its share price, followed by IPDC with 8.85 per cent, ICB 8.29 per cent, 5th ICB 7.83 per cent, Rahim Textile 6.72 per cent and 3rd ICB 6.66 per cent.
Beximco Limited, Grameen One Mutual Fund, Prime Insurance, Eastern Lubricant, Monno Fabrics and Mona Food were the top losers on the day.
Trading in shares of the United Commercial Bank (UCB) Limited was suspended following separate applications filed by two individual investors challenging a High Court judgment over holding the pending AGMs of the bank.
'Trading in UCB stocks will remain suspended until a further decision of the court,' said an official of the Dhaka Stock Exchange (DSE).
All the market barometers - the benchmark DSE General Index (DGEN), All Shares Price Index and DSE-20 -- lost 2.69 points, 5.78 points and 8.64 points to close at 2732.01, 2345.60 and 2490.63 respectively.
Investors put their funds in Titas Gas after disposing of their holdings, which has sent the market into the red, according to the market operators.
However, some said the market remained flat as the investors were suffering from a confidence crisis due to loss of huge funds invested in mutual funds, according to the market operators.
The total turnover, however, rose to Tk 2.73 billion against the previous day's Tk 2.51 billion. The losers outshined the gainers as out of 227 issues traded, 52 advanced, 161 declined and 14 remained changed.
The total market capitalisation continued to decrease to Tk 951.99 billion against the previous Tk 953.84 billion.
A total of 1,601,900 shares of Titas Gas worth Tk 567.63 million were sold on the prime bourse. Share prices of Titas, the top turnover leader, accounted for around 20 per cent of the total turnover and it was also the top gainer for the second consecutive day with its share price posting a rise of 16.99 per cent to end at Tk 382.00.
More than 50 per cent institutional investors poured their funds on Titas stocks Thursday and the rest came from individual investors, according to a source with the ICB, the selling agent.
A total of over 8.2 million shares of the gas distribution company were sold both on the DSE and Chittagong Stock Exchange (CSE).
After two days of trading suspension, the mutual funds' share trading resumed on the day. The prices of the funds could not rise as expected after issuance of a three-month High Court stay order on the securities regulator's amendment to the close-end mutual fund rules as investors remained cautious, said a stock broker.
Stock prices of the AIMS First Mutual Fund was the biggest loser with 13.21 per cent drop, making it the second top turnover leader with shares worth Tk 152.06 million traded.
The next other top turnover leaders on the day were Beximco Limited, Beximco Pharma, Grameen One Mutual Fund, Lanka Bangla Finance, Square Pharma, Islami Bank, BATBC and Uttara Bank.
Modern Industries was the second top gainer with a rise of 9.48 per cent in its share price, followed by IPDC with 8.85 per cent, ICB 8.29 per cent, 5th ICB 7.83 per cent, Rahim Textile 6.72 per cent and 3rd ICB 6.66 per cent.
Beximco Limited, Grameen One Mutual Fund, Prime Insurance, Eastern Lubricant, Monno Fabrics and Mona Food were the top losers on the day.