Stocks drop marginally on large caps’ fall

Staff Correspondent | Published: 00:00, Aug 26,2019

 
 

Dhaka stocks fell marginally on the opening day of the week on Sunday amid a fall in share prices of some large capitalised companies.

DSEX, the prime index of the Dhaka Stock Exchange, shed 0.25 per cent, or 13.12 points, to 5,223.72 points on Sunday after gaining 13.43 points in the previous session on Thursday.

Trading began on the bourse on positive note on Sunday with the key index gaining around 15 points within an hour, but afterwards the market moved downwards to close in red, market operators said.

They said that Sunday’s trading pattern was similar to the trading in last two weeks — cautious trading with little ups and downs of the DSEX.

They said that a fall in share prices of some of the large capitalised companies like Grameenphone, United Power Generation and British American Tobacco Company was the major reason for a drop in DSEX on the day.

Market operators said that many investors remained cautious as they were still assessing the liquidity situation following the Bangladesh Bank’s latest move over banks’ cash reserve requirement for their offshore banking operations.

The BB in the past week directed the banks to maintain cash reserve ratio and statutory liquidity ratio for their exposure through offshore banking operations.

Besides, some of the investors were awaiting the dividend declaration of the companies, whose financial year ended in June, they said.

EBL Securities in its daily market update said, ‘Short-term profit taking tendency outnumbered value investing which contributed to today’s [Sunday] plummeting of DSEX.’

The shares price of most of the sectors fell on the day.

Among the major sectors, bank declined by 0.2 per cent, telecommunication 0.8 per cent, ceramic 3 per cent, mutual fund 2.2 per cent, life insurance 1.8 per cent and textile 0.8 per cent.

IT sector gained 1.7 per cent and travel by 1 per cent on the day.

Out of the 354 scrips traded on Sunday, 214  declined, 105 declined and 35 remained unchanged.

Turnover on the bourse declined to Tk 468.99 crore from Tk 478.90 crore on Thursday.

DS30, the blue-chip index of the DSE, dropped by 0.44 per cent, or 8.24 points, to close at 1,841.76 points.

DSE Shariah index DSES shed 0.26 per cent, or 3.11 points, to close at 1,203.73 points.

United Power Generation Company led the turnover chart with its shares worth Tk 17.86 crore changing hands.

Orion Infusion, Silco Pharmaceuticals, Beacon Pharma, KDS Accessories Ltd, Fortune Shoes, Bangladesh Shipping Corporation, Monno Ceramic Industries, JMI Syringe and Bangladesh Export Import Company were the other turnover leaders.

KDS Accessories gained the most on the day with a 9.98-per cent increase in its share prices while SEML IBBL Shariah Fund was the worst loser, shedding 9.90 per cent.

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