Stocks dip after slight gain

Staff Correspondent | Published: 00:05, Jul 18,2018

 
 

Dhaka stocks dipped on Tuesday after a slight gain in the previous session amid a decreased turnover due to investors’ cautious approach on the trading floor.
DSEX, the key index of Dhaka Stock Exchange, shed 0.27 per cent, or 14.43 points, to close at 5,325.48 points after gaining 3.16 points in the previous trading session.
Despite positive momentum during most of the session, the market ended in the negative territory as investors went for profit-booking share sales in late trading, market operators said.
They said investors were taking position in sector-specific scrips ahead of their quarterly and year-end disclosures.
Investors were cautious on the trading floor as the media reported on Tuesday some irregularities at the Bangladesh Bank’s vault, they said.
Market operators said the irregularities were widely discussed that made investors worried.
Turnover on the bourse dropped to Tk 786.05 crore on Tuesday compared with that of Tk 873.68 crore in the previous trading session.
The market had gained momentum when the bank owners agreed to bring down interest rate to single digit from July 1. But only a few banks have so far implemented the decision.
The share prices of energy, cement, pharmaceuticals and bank dropped by 1.6 per cent, 0.6 per cent, 0.4 per cent and 0.2 per cent respectively.
On the other hand, the share prices of Grameenphone continued to surge and it soared by 2.84 per cent on Tuesday as the company on Monday declared higher profit growth for the second quarter and announced 125 per cent interim dividend.
The share prices of telecommunication, miscellaneous and non-bank financial institutions advanced by 2.4 per cent, 1.1 per cent and 0.2 per cent respectively.
‘The market opened with upbeat tune but fell sharply in the last hour of the session as investors opted to book quick gain from their holdings which caused the bourse to settle in red,’ said EBL Securities in its daily market commentary.
Of the 339 companies and mutual funds traded, 173 declined, 120 advanced and 48 remained unchanged.
DS30, the blue-chip index of the DSE, also shed 0.15 per cent, or 2.86 points, to close at 1,894.37 points.
Shariah index DSES, however, lost 0.18 per cent, or 2.34 points, to finish at 1,262.99 points.
KDS Accessories led the turnover chart with its shares worth Tk 24.99 crore changing hands.
Monno Ceramics, BBS Cables, Khulna Power Company, Square Pharmaceuticals, Grameenphone, Bashundhara Paper Mills, SK Trims Industries, Bangladesh Steel Re-Rolling Mills and IT Consultants were the other turnover leaders.
Legacy Footwear gained the most on the day with a 10-per cent increase in its share prices, while SK Trims Industries was the worst loser, shedding 9.69 per cent. 

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