Stocks drop for 2nd day amid rising turnover

Staff Correspondent | Published: 00:05, Sep 14,2018

 
 

Dhaka stocks dropped for the second day on Thursday amid an increased turnover as investors continued selling financial scrips and Grameenphone.
DSEX, the key index of the Dhaka Stock Exchange, lost 0.52 per cent, or 29.20 points, to close at 5,500.61 points on Wednesday after shedding 14.11 points in the previous session.
The market was positive during the first hour of the session but began to fall as investors continued selling shares from financial sectors and Grameenphone, market operators said.
The market was mostly downward from the very beginning of the month as out of the last 11 trading sessions, only three were positive as investors were monitoring political situation ahead of the national elections due by January next year, they said.
Besides, the recent data on non-performing loans in banks also dampened the investors’ mood, stockbrokers said.
The media reported on Tuesday that as per Bangladesh Bank data, the defaulted loans in the country’s banking sector neared Tk 90,000 crore by the end of June as the amount of such loans soared by 20.23 per cent or Tk 15,037 crore in the first six months of this year.
The average share prices of bank, telecommunication and non-bank financial institution sectors plunged by 1.9 per cent, 1.6 per cent and 0.9 per cent respectively.
Out of the 30 traded bank scrips, 25 dropped, just two advanced and three remained unchanged, while out of the 23 traded NBFIs, 18 declined, three advanced and two remained unchanged.
The share prices of GP slumped for the second day as it lost 1.72 per cent on Thursday that weighed on the index heavily.
On the other hand, the average share prices of
engineering, textile and energy sectors advanced by 1.3 per cent, 0.5 per cent and 0.1 per cent respectively.
The turnover on the DSE advanced to Tk 1,064.84 crore on Thursday compared with that of Tk 861.07 crore in the previous trading session.
‘The capital market witnessed another bearish session on Thursday with turnover crossing Tk 10 billion-mark after two months. The risk-averse investors continued their selling spree on large cap scrips being watchful ahead of upcoming corporate declarations,’ said EBL Securities in its daily market commentary.
Of the 335 companies and mutual funds traded on Thursday, 189 declined, 104 advanced and 33 remained unchanged.
DS30, the blue-chip index of the DSE, also lost 0.62 per cent, or 12.13 points, to close at 1,919.87 points.
Shariah index DSES shed 0.35 per cent, or 4.54 points, to finish at 1,271.37 points.
Active Fine Chemicals led the turnover chart with its shares worth Tk 81.26 crore changing hands.
IFAD Autos, Khulna Power Company, BBS Cables, Singer Bangladesh, Shasha Denims, Aman Feed, Fortune Shoes, Paramount Textiles and United Power Generation Company were the other turnover leaders.
S Alam Cold Rolled Steels gained the most on the day with a 10-per cent increase in its share prices, while Reliance One was the worst loser, shedding 9.34 per cent.

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