Dhaka stocks dip amid cautious trading

Staff Correspondent | Published: 00:05, Oct 11,2018 | Updated: 01:23, Oct 11,2018

 
 

Dhaka stocks dipped on Wednesday amid a fall in the share prices of the majority of traded scrips as investors went for cautious trading on the verdict day of August 21 grenade attack cases.
DSEX, the key index of Dhaka Stock Exchange, dropped by 0.36 per cent, or 19.65 points, to close at 5,436.15 points on Wednesday after gaining 45 points in the previous two sessions.
The market opened positive and went through a seesaw movement, ultimately closing the session with marginal losses amid investors’ cautiousness, market operators said.
They said that share prices of more than two-thirds of scrips declined on the day mainly because of cautiousness over the political impact of the verdict of August 21 grenade attack cases.
A speedy trial tribunal on Wednesday morning sentenced 19 people, including former state minister for home Lutfozzaman Babar and former deputy minister for education Abdus Salam Pintu, to death while 19 others, including Bangladesh Nationalist Party acting chairman Tarique Rahman, were awarded life imprisonment in two cases filed over the August 21 grenade attack on an Awami League rally in the capital in 2004.
An eerie situation prevailed in capital Dhaka with heavy presence of members of law enforcing agencies surrounding the delivering of the verdict, market operators said.
Besides, a section of investors went for booking some profits after a two-day market rise, they said.
The average share prices of all the sectors except energy declined on the day.
The share prices of textile, non-bank financial institution, bank and cement sectors dropped by 1.4 per cent, 0.7 per cent, 0.6 per cent and 0.3 per cent respectively.
On the other hand, investors’ heavy share purchasing from some large capitalised companies of energy sectors including Summit Power, Khulna Power Company, Shajibazar Power and Power Grid saved the market from a steep fall, market operators said.
Khulna Power and Summit Power together logged 27 per cent of the day’s total turnover.
The share prices of Silva Pharmaceuticals Limited that made its debut on Wednesday soared by 199 per cent to settle at Tk 29.90 from the issue price of Tk 10.
‘The prime bourse experienced downbeat session today [Wednesday] after gaining in the previous two sessions as the majority of investors undertook cautious approach,’ said EBL Securities in its daily market commentary.
The market remained positive in the first half an hour but rest of the session witnessed fall amid choppy trading, it said.
The turnover on DSE inched up to Tk 801.94 crore on Wednesday compared with that of Tk 801.21 crore in the previous trading session.
Of the 336 companies and mutual funds traded on Tuesday, 229 declined, 58 advanced, and 52 remained unchanged.
DS30, the blue-chip index of DSE, also lost 0.33 per cent, or 6.54 points, to close at 1,922.39 points.
Shariah index DSES shed 0.27 per cent, or 3.57 points, to finish at 1,274.45 points.
Khulna Power Company led the turnover chart with its shares worth Tk 124.17 crore changing hands.
Summit Power, United Power Generation Company, Active Fine Chemicals, Olympic Industries, Silva Pharmaceuticals, IFAD Autos, Dragon Sweater, BBS Cables and Stylecraft Limited were the other turnover leaders.
Meghna Cement Mills gained the most on the day with a 9.98-per cent increase in its share prices, while Stylecraft Limited was the worst loser, shedding 8.61 per cent.

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