Dhaka stocks fall as turnover hits 6-month low before year-end

Staff Correspondent | Published: 00:05, Dec 08,2017 | Updated: 23:07, Dec 07,2017

 
 

Dhaka stocks declined for the second consecutive session on Thursday with the turnover at the Dhaka bourse hitting a six-month low as investors became jittery and opted for a wait-and-see policy ahead of year end.
The key index of Dhaka Stock Exchange, DSEX, dropped by 0.28 per cent, or 18.07 points, to close at 6,248.22 points on the day after losing 20.45 points in the previous session.
The market started with a positive vibe that did not sustain for long and moved downwards, closing the day in the negative trajectory as investors kept selling shares amid cautiousness, market operators said.
Investors were mostly jittery on the trading floor because of the uncertainty they felt about the market movement ahead of year closing.
As a result, many investors preferred to be on the sidelines to observe the market movement during this volatile period, they said.
Therefore, the turnover at the bourse, an important indicator of the market participation, declined further to Tk 517.12 crore compared with that of Tk 584.80 crore in the previous session.
They day’s turnover was the lowest after June 13 this year when it was Tk 400 crore.
A section of investors also preferred to take out profit before any unexpected losses, they said.
In line with the previous session, the bank sector led the day’s volatility as the average share prices of the sector declined by 0.85 per cent.
Out of the 30 traded bank scrips, 24 issues declined, just four advanced and two remained unchanged.
Moreover, share prices of cement, engineering and telecommunications declined by 0.71 per cent, 0.31 per cent and 0.10 per cent respectively.
Of the large capitalized scrips, the share prices of BRAC Bank, Square Pharmaceuticals and City Bank dropped most on Thursday.
On the other hand, the share prices of non-bank financial institutions, energy and food increased by 0.71 per cent, 0.56 per cent and 0.21 per cent respectively that saved the market from further fall.
The share prices of Investment Corporation of Bangladesh, Marico and British American Tobacco were the highest positive index movers on the day.
Of the 332 companies and mutual funds traded, 145 declined, 138 advanced, and 46 remained unchanged.
‘The market faced correction as some of the investors went for booking gains on their holdings that have been accrued during the recent upbeat momentum,’ said EBL Securities in its daily market commentary.
DS30, the blue-chip index of the DSE, also lost 0.32 per cent, or 7.40 points, to finish at 2,264.07 points.
Shariah index DSES inched down by 0.09 per cent, or 1.38 points, to close at 1,389.42 points.
BD Thai led the turnover chart on the day with its shares worth Tk 17.48 crore changing hands.
Baraka Power, Paramount Textile, City Bank, CMC Kamal, AMCL (Pran), FAS Finance, Golden Harvest Agro Industries, Fu-Wang Food and BRAC Bank were the other turnover leaders.
Legacy Footwear increased the most with a 9.88-per cent rise in its share prices, while Fu Wang Food was the worst sufferer on the day, shedding 10.08 per cent. 

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