Dhaka stocks inch down as investors remain cautious

Staff Correspondent | Published: 00:00, Nov 29,2018 | Updated: 02:57, Nov 29,2018

 
 

Dhaka stocks inched down on Wednesday amid a decreased turnover as investors were assessing risk factors ahead of the upcoming national election while a section of investors continued buying shares in the cheap at the bearish market.
DSEX, the key index of Dhaka Stock Exchange, lost 0.03 per cent, or 1.82 points, to close at 5,286.72 points on Wednesday after gaining 12.30 points in the previous two sessions.
The core index finished the session in the negative territory amid choppy trading as investors remained cautious due to rising political activities surrounding the 11th parliamentary polls scheduled for December 30, market operators said.
They said many investors, especially the small-scale ones, hesitated to inject fresh funds in the market amid political uncertainties ahead of the polls and some others preferred to withdraw funds to avoid any losses.
The market sentiment remained sluggish as the polls-centric political activities kept most of the investors at bay, they said.
The market managed to end flat on Wednesday because of risk-taking appetite of a section of investors, they added.
‘The capital bourse of the country closed on lower note on Wednesday as most of the investors are following cautious stance ahead of the national election. The market opened positive but did not sustain its momentum through choppy trading as investors pursued for last hour profit-booking selling pressure,’ said EBL Securities in its daily market commentary.
Average share prices of miscellaneous, energy, cement and non-bank financial institution sectors dropped by 2.7 per cent, 0.8 per cent, 0.5 per cent and 0.2 per cent respectively.
Average share prices of bank, textile and telecommunication advanced by 0.5 per cent, 0.51 per cent and 0.4 per cent respectively.
The textile sector led the turnover chart on the day by holding 21 per cent of the day’s turnover.
The turnover on DSE dropped to Tk 594.27 crore on Wednesday compared with that of Tk 638.85 crore in the previous trading session.
Of the 336 companies and mutual funds traded on Wednesday, 167 declined, 125 advanced and 48 remained unchanged.
DSE blue-chip index DS30 also shed 0.07 per cent, or 1.43 points, to close at 1,860.60 points.
Shariah index DSES dipped by 0.28 per cent, or 3.55 points, to finish at 1,222.82 points.
Khulna Power Company led the turnover leaders with its shares worth Tk 24.94 crore changing hands.
SK Trims, Square Pharmaceuticals, IFAD Autos, Saiham Cotton, Shepherd Industries, BRAC Bank, Western Marine Shipyard, Kattali Textile and Paramount Textile were the other turnover leaders.
ML Dyeing gained the most on the day with a 9.89-per cent increase in its share prices, while Al-Haj Textile Mills was the worst loser, shedding 9.36 per cent.

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