Dhaka stocks post rise but turnover falls sharply

Dhaka stocks posted a sharp rise on Thursday, although the turnover dropped to a two-and-a-half-month low amid cautious trading as uncertainty about the market stability lingered on.
DGEN, the benchmark general index of Dhaka Stock Exchange, gained 74.09 points, or 1.22 per cent, to close the day at 6,118.01 points.
Although the index registered a gain after three losing sessions, the turnover of the bourse dropped to Tk 337.02 crore amid thin trading from that of Tk 435.67 crore on the previous day. The bourse had a lower than Thursday’s turnover on May 29 at Tk 330.97 crore.
‘As the market made such a jump after a few days of fall, investors took a wait-and-see policy to see whether the rise would sustain or not,’ said Saiful Islam, chief executive officer of BRAC EPL Stock Brokerage Ltd.
‘It is the key reason for the low turnover today,’ he said.
Saiful said, if the market could sustain the momentum, the transaction volume would increase automatically.
Market operators said some investors went for panic-selling on Wednesday, fearing that the latest government move to detect the source of undisclosed money would lead the market to fall further.
They said the government decision to change the laws regarding undisclosed money might discourage investment and, so, also affect the turnover.
‘It’s not that a bulk of undisclosed money is waiting to be invested in the capital market as no significant amount of it has been invested so far. But, such a move will emit a negative signal to the investors, who are investing taxed money,’ said a stockbroker.
He, however, said, ‘Today’s low turnover indicates the market will not sustain.’
Finance minister Abul Maal Abdul Muhith on Tuesday said the government was making some changes to the Statutory Regulatory Order relating to money-whitening to stop investment of money laundered or obtained through terror routes in the capital market.
Market operators also said at the moment the market needed more funds and only active participation of institutional investors could meet that need.
Sources at the Investment Corporation of Bangladesh said the corporation on Thursday bought shares worth Tk 24.16 crore and sold shares worth Tk 17 crore.
General investors on the day held a meeting in front of the main entrance to the DSE building after the trading session, from which they demanded immediate resignation of the finance minister, terming him the main culprit behind the prolonged depression in the capital market.
They also urged the prime minister to take immediate steps to stabilise the market ahead of the Eid-ul-Fitr.
‘We have been passing a severe financial crisis for a long time now. Ahead of the Eid, the prime minister should do something to stabilise the market so that we can celebrate the Eid as well,’ said an investors from the meeting.
Investors frequently staged demonstrations in Motijheel in the last two weeks in protest against the free fall of share prices.
Of the 258 issues traded on Thursday, 236 gained, 20 lost, and two remained unchanged.
All the major sectors including banks, non-bank financial institutions, fuel and power, mutual funds, and telecommunication gained on the day.
Beximco topped the list of the turnover leaders on of the day, with its shares worth Tk 13.52 crore changing hands. The rest of the turnover leaders on the Top-10 list included Lafarge Surma Cement, Square Pharmaceuticals, Fu Wang Foods, Titas Gas, Grameenphone, City Bank, Grameen Mutual Fund One, MI Cement, and Keya Cosmetics Ltd.

-With New Age input

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