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Dhaka stocks bear-run stretches to 6th day

Staff Correspondent | Published: 22:57, Sep 27,2017

 
 

Dhaka stocks declined for the sixth consecutive session on Wednesday amid a fall in share prices of the two-thirds of the traded scrips as investors kept selling shares to book profit after the recent surge.
The key index of Dhaka Stock Exchange, DSEX, lost 0.40 per cent, or 24.94 points, to finish at 6,079.32 points on Wednesday.
The index lost 157points in last six trading sessions.
Although the equity market began bullish with gaining 34 points in the first hour of the session, it moved downwards soon after as investors remained on sell-off mood, market operators said.
The bear run, which began after the market reached to a record high, was extended to six consecutive sessions on Wednesday as investors continued booking profit from their holdings, they said.
In line with the previous session, share prices of the two-thirds of traded scrips declined mainly due to the cautious approach of investors who assumed that the market could sink further, stockbrokers said.
When the equities face correction amid reshuffling portfolios, some investors move with the torrent that sometimes causes a heavy fall at the market, analysts said.
Out of the 30 heavyweight scrips of DS30, 23 declined and just six advanced on Wednesday.
Among the prominent sectors, the average share prices of engineering, non-bank financial institutions, energy and cement slumped most — by 2.0 per cent, 1.5 per cent, 1.0 per cent and 0.8 per cent respectively.
The rebounding surge of Grameenphone by 1.12 per cent and banks by 0.4 per cent shielded the market from a significant fall on the day.
Out of the 330 companies and mutual funds traded, 231 declined, 62 advanced, and 37 remained unchanged.
Turnover on the bourse increased further to Tk 775.34 crore compared with that of Tk 715.22 crore in the previous trading session.
‘The capital bourse of the country witnessed another session of price correction amidst adverse expectations from opportunistic investors,’ EBL Securities said in its market commentary.
The bourse opened in positive tune but failed to maintain its growing momentum after an hour as investors opted to book gain on their holdings, it said.
DS30, the blue-chip index of the bourse, dropped by 0.21 per cent, or 4.68 points, to close at 2,178.05 points.
The Shariah index, DSES, fell by 0.38 per cent, or 5.18 points, to finish at 1,350.27 points.
Shahjalal Islami Bank led the turnover chart with its shares worth Tk 43.56 crore changing hands.
Jamuna Bank, Uttara Bank, Exim Bank, Dutch-Bangla Bank, IFAD Autos, Grameenphone, IFIC Bank, Al-Arafah Islami Bank and National Bank were the other turnover leaders.
Dutch-Bangla Bank gained the most, adding 9.98 per cent, while Western Marine Shipyard lost the most, shedding 16.10 per cent.

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