Dhaka stocks decline with big fall in turnover

Dhaka stocks declined for the second trading session on Wednesday with significant fall in turnover following political fear and profit taking sell-offs by investors.
DSEX, the benchmark general index of Dhaka Stock Exchange, declined to 3,762.08 points, shedding 1.84 per cent or 70.53 points.The DSEX declined 140.31 points in last two trading sessions after it had advanced by 434.21 points in May.
The turnover of the bourse declined to Tk 313.02 crore on the day which was 25.11 per cent less than the earlier trading session’s Tk 417.98 crore.
Market operators said due to the recent increase of share prices, large-scale investors moved for sell-offs to realise the profit.
The much expected talk between the ruling party and the main opposition BNP regarding the next poll-time government seemed uncertain because of the recent tight move by the government which dejected investors.
On the other hand, poor earning statement by most of the listed companies compared with the earlier year also disheartened investors who were in buying mood after the government’s decision to refinance in the capital market to implement the scheme for the affected small investors.
On the other hand, merchant banks and brokerage houses were suffering for indecision regarding the margin accounts as price earning ratio of most listed companies increased due to fall in profit, they said.
The old benchmark general index of DSE, DGEN, declined by 1.80 per cent, or 73.08 points, to finish at 3,974.15 points on Wednesday.
The DSEX declined by 122.61 points in last two trading sessions’ fall after it had increased by 478.28 points during this month.
DS30, the blue chip index of the bourse, declined by 1.42 per cent, or 20.09 points on the day, to finish at 1,387.52 points.
The DS30 declined by 32.83 points in last two trading sessions’ fall after increasing 137.76 points in this month.
‘Ahead of a three-day closure and volatile political scenario, investors rather opted for realising gains as the session started, creating a drag on the indices,’ IDLC Investments said in its daily market commentary.
Alongside, over last session’s decline, buyers acted cautious on Wednesday regarding fresh positioning, causing a slowdown in participation, it also said.
Of the 278 shares and mutual funds traded, 36 advanced, 233 declined and 9 remained unchanged.
Orion Pharma led the turnover chart on the day as its shares worth Tk 30.19 crore changed hands, while United Airways, Pubali Bank, Summit Purbanchol Power Company, Bangladesh Submarine Company, Golden Harvest Agro Industries, Aamra Technologies and Olympic Industries followed the chart.
Heidelberg Cement led the gainers’ list as its share prices went up by 7.54 per cent. Rahim Textile, United Insurance, Prime Bank First ICB AMCL Mutual Fund, LR Global Bangladesh Mutual Fund One, Prime Insurance, Global Insurance, Phoenix Finance First Mutual Fund were among other gainers of the day.
Sonar Bangla Insurance was the worst loser of the day as its share prices declined by 16.30 per cent, while Purabi General Insurance, Jamuna Bank, Daffodil Computers, BD Finance and Aamra Technologies followed the chart.

-With New Age input

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