Dhaka stocks escape sharp fall as banking shares rebound

Staff Correspondent | Published: 22:47, Sep 21,2017

 
 

Dhaka stocks inched down on Thursday, despite fall in prices of two-third of the traded scrips, as the rebound of banking shares saved the market from significant fall.
The key index of Dhaka Stock Exchange, DSEX, finished at 6,170.47 points, shedding just 0.03 per cent or 2.43 points after the decline of 63.67 points on Wednesday.
Of the 328 companies and mutual funds traded, 89 advanced, 206 declined and 33 remained unchanged.
After the slide on Wednesday, market finished with marginal fall amid volatile trading during the whole trading session, stockbrokers said.
The key index of the bourse turned negative in just 15 minutes of trading after a positive beginning of the session.
Although the market for another couple of times turned positive during the first half, but remained on the negative trajectory during the second half, they said.
Investors’ go slow approach following Wednesday’s sharp fall of 63.67 points might have played the vital role behind the negative ending of the session along with decline in turnover, stockbrokers said.
Although the prices of two-third traded scrips fell on the day, market escaped from sharp fall depending of surge in share prices of some large capitalised scrips, they said.
Banking, the largest sector in terms of market capitalisation, recovered 0.70 per cent on Thursday after the slumping by 2.30 per cent on Wednesday.
Apart from banking shares, share prices of life insurance sector increased by 0.80 per cent on an average, while pharmaceuticals and miscellaneous were the other two sectors among the 19 sectors which managed to escape from fall with lenient gains.
Printing and jute sectors were two worst sufferers of the day, shedding 2 per cent and 1.6 per cent respectively on an average.
Turnover on the bourse also declined to Tk 780.57 crore compared with that of Tk 1,082 crore in the previous trading session, while the turnover of the bourse was above Tk 1,500 crore on Monday and Tuesday this week.
‘After a volatile session market closed on flat end with DSEX losing merely 2.4 points,’ IDLC Investments said in its market commentary.
‘However, market participation dropped by 27.9 per cent, amounting to a total turnover of Tk 7.8 billion,’ it said.
DS30, the blue-chip index of the bourse, fell by 0.04 per cent or 1.07 points, to close at 2,197.53 points.
The Shariah index, DSES, finished at 1,361.88 points, shedding 0.30 per cent or 4.13 points.
NBL led the turnover chart with its shares worth Tk 47.46 crore changing hands.
Shahjalal Islami Bank, IFIC Bank, EXIM Bank, Uttara Bank, Summit Power, First Securities Islami Bank, Rupali Bank, IFAD Autos and LankaBangla Finance were other turnover leaders.
SEML IBBL Shariah Fund gained the most, adding 8.13 per cent, while Evince Textiles lost the most, shedding 9.25 per cent. 

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