Staff Correspondent
The volatility in share prices of low-profile companies continued on Wednesday at the Dhaka Stock Exchange as retailers chased shares of ‘Z’ category companies to make some quick cash, market operators said.
Dhaka stocks, however, finished downbeat on Wednesday for the third consecutive day in volatile trading. The DSE general index lost 1.46 points, or 0.06 per cent, to close at 2611.21, while its blue chips index, DSE20, shed 3.88 points, or 0.18 per cent, to finish at 2133.24.
‘Retailers have recently been chasing shares of low-profile companies in a bid to make quick capital gains amid volatility at the market,’ said M Akter Hossain Sannamat, managing director of Prime Finance and Investment, a merchant bank.
He said the market remained volatile as institutional and big individual investors remained on the sidelines adopting a ‘wait-and-see’ policy. He said the investors had been waiting for what would be the policy directions of the new government towards the country’s capital market. The month-long bearish trend at the market pushed the retailers to concentrate on the low-priced ‘Z’ categories companies.
Of the total 76 ‘Z’ category issues traded on Wednesday, 69 advanced, four declined, and three remained unchanged.
Of the total 268 issues traded, 166 advanced, 96 declined, and six remained unchanged.
‘Low-profile shares often surge because of gambling of a section of investors,’ said Yawer Sayeed, managing director of Aims of Bangladesh, an asset management company.
Sayeed said various rumours caused surges in the share prices of the companies of ‘Z’ category, which groups companies with poor fundamentals, in recent times. ‘It appears that rumour-mongers are trying to use the troubled time,’ said Sayeed, adding that ‘the trend is alarming’.
Turnover at the DSE dropped to Tk 229.45 crore from the Tuesday’s Tk 235.79 crore.
Beximco Pharmaceuticals topped the turnover leaders with a total transaction of Tk 17.77 crore.
Beximco, Summit Power, Shinepukur Ceramics, ACI Formulations, Grameen Two Mutual Fund, National Bank, Pragati Insurance, Aims 1st Mutual Fund, and Jamuna Oil were the rest of the top ten turnover leaders.
Sreepur Textile, Gachihata Aquaculture, Alpha Tobacco, Bangladesh Luggage, M Hossain Garments, Tulip Dairy, Perfume Chemicals, Amam Sea Food, BCIL, and BD Zipper Industries were the top 10 gainers of the day.
The top 10 losers were Aziz Pipes, Jute Spinners, 5th ICB Mutual Fund, IFIC Bank, Dutch-Bangla Bank, Mutual Trust Bank, 7th ICB Mutual Fund, AB Bank, Savar Refractories, and BRAC Bank.
Chitttagong stocks also dropped on Wednesday.
The selective categories index of Chittagong Stock Exchange lost 21.71 points, or 0.42 per cent, to close at 5167.35, while its blue chips index, CSE30, shed 33.99 points, or 0.51 per cent, to finish at 6677.73.
Of the total 177 issues traded on the CSE floor, 103 posted gains, 68 dropped, and six remained unchanged.
Turnover at the CSE went down to Tk 27.88 crore from the Tuesday’s Tk 32.92 crore.
Courtesy: newagebd.com
