Bearish trend at the Dhaka Stock Exchange (DSE) continued to affect the general investors for the fourth straight weeks amid lowest average daily turnover in this year till date through the much talked ‘Bangladesh Fund’ started its operation Thursday.
“The largest ever mutual fund which was floated mainly to bring back stability in stock market failed to spur the investors’ sentiment as big investors remained out of the market,” said a merchant banker.
A total of four trading sessions took place in the week as Sunday was the public holiday (May Day). Only one session gained while three sessions lost.
During the week, the benchmark index DGEN shed 151.44 points or 2.50 per cent to 5,899.40.
The broader DSE All Shares Price Index (DSI) ended at 4,907.17 went down by 125.78 points or 2.50 per cent. The DSE-20 index including blue chips also lost 29.61 points or 0.77 per cent to 3,796.60.
The market insiders said the market could not get strength as big and institutional investors remained away from the market regarding government’s announcement of re-investigation against big volume of traders.
“The ‘Bangladesh Fund’ could not make any positive impact in the market as big and institutional investors remained idle from the market,” they said.
The big investors who made big volume of trade are now keeping distance from the market and many of them sold shares instead of buying, fearing possible government action, said capital market analyst Akter H Sannamat.
Meanwhile, on Saturday last, finance minister AMA Muhith officially published the share scam report without any changes of the original report. He also hinted further investigation and measures including re-structure of the Securities and Exchange Commission.
The total turnover value stood at Tk 18.75 billion as there was one less trading session in the week compared to the previous week’s value.
Average daily turnover value for this week was Tk 4.7 billion (US$ 66.0 million) compared to Tk 5.7 billion (US$ 80.7 million) in the previous week. This was the lowest average daily turnover for the year till date.
All the sectors lost in the week except banking sector which gained marginally by 0.13 per cent.
Ceramics and jute sector were the biggest losers; with 7.80 per cent and 7.70 per cent loss respectively in the week.
Among the other sectors, NBFIs, telecommunications and fuel and power lost 4.46 per cent, 1.91 per cent and 3.02 per cent respectively.
Out of 258 issues traded, only 39 advanced and 211 declined while eight remained unchanged.
The market capitalization was Tk 2,772.19 billion in the opening day of the week and at the end of the week, it stood at Tk 2,715.04 billion, which was 2.06 per cent down.
Bextex Limited emerged at the top position of the turnover list with share worth Tk 1.04 billion changing hands during the week.
The other turnover leaders were Beximco Limited, RN Spinning, BSRM Steels, Titas Gas, DESCO, UCBL, National Bank, United Airways and Aftab Automobiles,
Shajalal Islami Bank was the week’s top gainer posting a 12.54 per cent rise in the week.
It was followed by Phoenix Finance 1st Mutual Fund, RN Spinning, Continental Insurance, Glaxo SmithKline, Jamuna Bank, Fu-Wang Foods, Third ICB, Eastern Bank and Trust Bank.
United Leasing was the week’s top loser. The other top losers included Dhaka Insurance, Uttara Finance, Ambee Pharma, BD Finance, UCBL, Aziz Pipes, Safko Spinning, Midas Financing Limited, and Central Insurance.
The week started with the DGEN losing 59.46 points or 0.98 per cent in the first trading session Monday, falling below the 6,000 points benchmark, to close at 5,998.31 points as Sunday was public holiday because of May Day.
The index continued to decline in the next trading session on Tuesday, retracing by 125.67 points or 2.10 per cent.
On Wednesday, it regained 107.38 points or 1.83 per cent. However, turnover declined to Tk 3.8 billion, which was the lowest volume for more than three months since January 25.
However, the rebound could not sustain as DGEN fell by 73.69 points or 1.23 per cent on Thursday.
As many as 23 listed companies announced their corporate declaration during the week.
Among them—Agrani Insurance announced 10 per cent bonus share, Rupali Insurance 20 per cent bonus, Shine Pukur Ceramics 15 per cent bonus, Bextex Limited 15 per cent bonus, Beximco Synthetics 15 per cent bonus,
Pheonix Insurance 25 per cent bonus, Global Insurance 10 per cent cash and 10 per cent bonus, Provati Insurance 12 per cent bonus, Sonar Bangla insurance 12 per cent bonus, Beach Hatchery 15 per cent bonus, KPCL 20 per cent bonus, Ambee Pharma 30 per cent cash, Aramit 30 per cent cash, CMC Kamal 12.50 per cent bonus, Monno Staffler 15 per cent cash, BD Thai Aliminium 25 per cent bonus, Renata 60 cash and 25 per cent bonus, Rangpur Foundry 21 per cent cash, Golden Son 5 per cent cash and 10 per cent bonus, IBN Sina 10 per cent cash and 20 per cent bonus, Kay and Que 5 per cent bonus and Aramit Cement 10 per cent bonus.
Courtesy of The Financial Express
