Dhaka stocks inch down as turnover keeps falling

Staff Correspondent | Published: 22:58, Sep 24,2017

 
 

Dhaka stocks inched down on Sunday amid slow trading as many of the large investors took a wait-and-see policy following the recent surge and profit taking.
The key index of Dhaka Stock Exchange, DSEX, finished at 6,165.32 points, shedding just 0.08 per cent or 5.15 points. The index lost 71 points in last three trading sessions.
Although the equity market regained the position of 6,200 points within the first half an hour of the day, it moved downwards sharply and ended in the negative zone as some of the investors continued taking profit, market operators said.
They said that many of the large institutional investors took wait-and-see policy before taking their next move following profit taking in last few sessions after the recent surge.
As a result, turnover at the bourse kept falling on Sunday.
The market ended flat despite a fall in share prices of most of the scrips mainly due to the surge of some of the large capitalised scrips especially from the pharma sector, they said.
Square Pharmaceuticals, Beximco Pharmaceuticals and Shahjalal Islami Bank were the highest positive index movers of the day, they said.
Moreover, as the market hit records for several times in recent days, a section of investors became cautious and thought it was safe to take out their fund to avoid any unexpected losses, stockbrokers said.
As a result, out of the 328 companies and mutual funds traded, 207 declined, 88 advanced, and 36 remained unchanged on Sunday.
All the large capitalised sectors, except pharmaceuticals declined on the day while non-bank financial institutions, energy and bank led the volatility with declining by 0.9 per cent, 0.5 per cent and 0.4 per cent respectively.
Turnover on the bourse declined further to Tk 662.01 crore compared with that of Tk 780.57 crore in the previous trading session and Tk 1,525 crore on September 18 while banks posted 42 per cent of the day’s total turnover.
‘The capital bourse of the country observed a correction mood and closed in the red zone amid profit-booking tendency through choppy trading,’ EBL Securities said in its market commentary.
DS30, the blue-chip index of the bourse, however, increased by 0.10 per cent, or 2.27 points, to close at 2,199.81 points.
The Shariah index, DSES, also increased by 0.31 per cent, or 4.31 points, to finish at 1,366.20 points.
Shahjalal Islami Bank led the turnover chart with its shares worth Tk 39.56 crore changing hands.
Uttara Bank, National Bank, Jamuna Bank, Exim Bank, Summit Power, Al-Arafah Islami Bank, IFIC Bank and First Security Islami Bank were other turnover leaders.
Monno Ceramic Industries gained the most, adding 9.96 per cent, while Fareast Islami Life Insurance lost the most, shedding 18.47 per cent. 

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