Stocks edge down in dull trading

Staff Correspondent | Published: 00:00, Mar 07,2019 | Updated: 22:47, Mar 06,2019

 
 

Dhaka stocks inched down on Wednesday after a slight gain in the previous session as investors went on selling shares amid cautiousness about the current bearish market.
DSEX, the key index of Dhaka Stock Exchange, decreased by 0.01 per cent, or 1.10 points, to close at 5,686.38 points on Wednesday after adding 5.07 points in the previous session.
The market went through a choppy trading session with few up and downs and finished in the negative zone as investors were nervous to invest at the market, market operators said.
They said that investors took watchful stance as the market had been sluggish for more than a month.
They said that the financial sectors were likely to face liquidity crunch with deposits shortage in the banking sector.
Many investors preferred to remain on the sidelines to observe the next move of the market, they said.
Therefore, most of the large capitalised sectors declined on the day.
The average share prices of energy, telecommunication and pharmaceutical dropped by 0.38 per cent, 0.34 per cent and 0.28 per cent respectively.
Among the large capitalised scrips, share prices of Grameenphone, United Power Generation Company and Lafarge Holcim Bangladesh declined most on the day.
On the other hand, some investors kept buying shares after the media reported on Tuesday that the net foreign investment at DSE hit a 19-month high to settle at Tk 323 crore in February despite the negative movement at the market.
Market operators said a section of investors went on bargain hunting targeting banks after the recent fall in the prices of bank scrips.
The average share prices of bank sector increased by 0.87 per cent that saved the market from significant fall on Wednesday.
Stockbrokers said many investors remained concerned as directors of a number of companies including Dragon Sweater, Monno Jute Stafflers and IFAD Autos announced that they would sell shares in the public market.
A three-year lock-in on ACME Laboratories directors’ 16.16 crore shares will end on March 16 and a nine-month lock-in on the institutional investors’ 25 lakh shares of ML Dyeing will end on March 12.
The turnover on the bourse dropped to Tk 568.87 crore on Wednesday from Tk 575.18 crore in the previous trading session.
Out of the 345 issues traded on the day, 180 declined, 115 advanced and 51 remained unchanged.
DSE blue-chip index DS30 shed 0.13 per cent, or 2.77 points, to close at 1,993.13 points.
Shariah index DSES, however, declined by 0.03 per cent, or 0.51 points, to finish at 1,303.67 points.
Monno Ceramic Industries led the turnover leaders with its shares worth Tk 33.47 crore changing hands on the day.
Singer Bangladesh, United Power Generation Company, Alif Industries, Bangladesh Submarine Cable Company, Premier Bank, BRAC Bank, Fortune Shoes, Dutch-Bangla Bank and SK Trims were the other turnover leaders.
Phoenix Finance 1st Mutual Fund gained the most on the day with an 8.77-per cent increase in its share prices while Savar Refractories was the worst loser, shedding 9.83 per cent.

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