Dhaka stocks drop amid rising turnover

Staff Correspondent | Updated at 12:31am on September 10, 2018

Dhaka stocks dropped on Sunday after gaining in the previous two sessions amid an increased turnover as investors went for selling shares to book some profits.
Large capitalised sectors including financial ones were hit, while the textile sector resumed rally, market operators said.
DSEX, the key index of the Dhaka Stock Exchange, lost 0.43 per cent, or 24.46 points, to close at 5,549.78 points on Sunday after gaining 21.43 points in the previous two sessions.
The market began with slight gain that, however, started to dip sharply as investors went for profit taking share sales, especially from the financial sectors after a marginal gain in the previous session, market operators said.
The average share prices of non-bank financial institutions and banks dropped by 1.7 per cent and by 1.2 per cent respectively.
Out of the 30 traded bank scrips, 24 declined, just two advanced, and four remained unchanged, while out of the 23 traded NBFIs, 20 dropped, just one advanced and two remained unchanged.
Market experts said that the scam-hit banking sector and lack of confidence over the market ahead of the national elections became heavy drags on the market. The general elections are due by January next year.
The share prices of miscellaneous, telecommunication and pharmaceuticals also declined on the day.
On the other hand, the turnover crossed Tk 900 crore after one and a half months.
The turnover at the bourse got momentum after
the Chinese consortium of Shenzen and Shanhai stock exchanges entered the DSE board after completing all procedures of purchasing the bourse’s 25 per cent shares.
The share prices of VFS Thread Dyeing Limited soared by 213 per cent on is first trading day. Each share of the company that was issued at Tk 10, closed at Tk 30.70 at the DSE.
The share prices of the energy sector gained 2.9 per cent for another session, while the textile sector returned to positive run, gaining 2.1 per cent on Sunday.
The average share prices of cement and food sectors also advanced on the day.
The turnover on the DSE increased to Tk 900.04 crore on Sunday compared with that of Tk 817.24 crore in the previous trading session.
‘The morning buoyancy did not sustain as many of the investors rebalanced their portfolios adopting short-term strategy,’ said EBL Securities in its daily market commentary.
Of the 335 companies and mutual funds traded, 197 advanced, 91 declined, and 46 remained unchanged.
DS30, the blue-chip index of the DSE, also shed 0.56 per cent, or 11.13 points, to close at 1,947.39 points.
Shariah index DSES, however, lost 0.20 per cent, or 2.57 points, to finish at 1,276.08 points.
Active Fine Chemicals led the turnover chart with its shares worth Tk 71.65 crore changing hands.
Khulna Power Company, Saiham Textile Mills, Dragon Sweater, United Power Generation Company, Summit Power, Nahee Aluminum, Confidence Cement, VFS Thread Dyeing, Aman Feed were the other turnover leaders.
Aziz Pipes gained the most on the day with a 9.99-per cent increase in its share prices, while UPGDL was the worst loser, shedding 12.21 per cent.