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stock - Dhaka Mirror https://dhakamirror.com/tag/stock/ Latest news update from Bangladesh & World wide Tue, 15 Nov 2011 15:38:28 +0000 en-US hourly 1 https://wordpress.org/?v=6.3.4 https://dhakamirror.com/wp-content/uploads/2022/08/cropped-dm-favicon-32x32.png stock - Dhaka Mirror https://dhakamirror.com/tag/stock/ 32 32 210058712 Stock index hits 2-year low https://dhakamirror.com/news/business/stock-index-hits-2-year-low/ Tue, 15 Nov 2011 15:08:15 +0000 http://www.dhakamirror.com/?p=37219 Prompts agitating investors to demo in front of SEC Capital market investors on Monday staged demonstrations on the streets in Motijheel and in front of the Dilkusha office of the Securities and Exchange Commission as the stock prices on the Dhaka bourse went on a free fall and its general index fell to below the ... Read more

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Prompts agitating investors to demo in front of SEC
Capital market investors on Monday staged demonstrations on the streets in Motijheel and in front of the Dilkusha office of the Securities and Exchange Commission as the stock prices on the Dhaka bourse went on a free fall and its general index fell to below the 5,000-point-mark for the first time in the past two years on the day. The benchmark general index of Dhaka Stock Exchange, or DGEN, lost 3.26 per cent, or 164.71 points, on Monday to close the day at 4,877.52 points on panic
selling. The index on the previous day shed 3.20 per cent, or 166.72 points.
DGEN had stood at a higher than Monday’s level of 4,876.25 points on January 17, 2010.
As the index had lost about 220 points by around 11:45am on Monday, panic drove investors out of different brokerage houses on the streets.
They halted the traffic on the road from Shapla Square to Ittefaq crossroads and formed a human chain in front of the DSE building. The agitating investors also brought out processions at regular intervals that paraded the road between the DSE building and the Bangladesh Bank head office.
The demonstrating investors blasted finance minister Abul Maal Abdul Muhith  and prime minister’s finance adviser Mashiur Rahman and termed them ‘mentally retarded’ and ‘shameless’.
‘The finance minister has crippled the country’s economy and the capital market by following the advice of the prime minister’s finance adviser,’ said Bangladesh Capital Market Investors’ Council president Mizanur Rashid Chowdhury.
He also alleged that the government had no genuine intention to stabilise the market, adding, ‘if they had, the market might not have improved but it would not have seen the share prices going on such a free fall’.
The demonstrators demanded immediate resignation of Muhith, Mashiur Rahman, Bangladesh Bank governor Atiur Rahman, and DSE president Shakil Rizvi for their failure to stabilise the market.
They also demanded that the government should take steps to force the banks invest in the capital market up to their limit and to start investing in stocks from Tuesday as per their declaration.
Investors’ protest took on a new dimension on Monday as a group of them staged a demonstration in front of the Dilkusha office of the capital market regulator.
The group of investors also met SEC chairman M Khairul Hossain and placed to him a number of demands including suspending share trading until the government came up with a concrete measure to bring stability back to the market.
The SEC chairman told the investors that the commission was also greatly concerned over the relentless fall in stock prices and would do whatever it took to make the situation normal.     
Later in a press briefing, SEC spokesman Saifur Rahman urged the brokerage houses not to force-sell investors’ shares and said the commission would sit with the stakeholder soon.
‘The SEC will sit with the Association of Bankers, Bangladesh on Wednesday to discuss the market situation and how to address its liquidity crisis,’ he said.
In late October, the ABB, a forum of top bankers, announced that the banks would invest in stocks immediately up to their allowable ceiling of 10 per cent of liabilities.
The DSE had been highly volatile in the week before it had closed for Eid vacation, because the investors’ confidence took a sheer plunge as the banks did not participate in the market in line with the announcement they had made of increasing their capital market exposure up to the allowable limit.
Saifur, however, said, ‘Although the index has suffered a sharp fall today, the turnover did rise significantly.’
Turnover of the Dhaka bourse on Monday rose to Tk 321.74 crore compared to that of Tk 206.54 crore in the previous day.
The country’s capital market has been going through a depression for the past 10 months that started with the January crash. The Dhaka bourse had been witnessing a fresh meltdown for the last five weeks as the investors turned panicky, seeing back-to-back market-stabilising measures falling flat on their faces.
Market experts said the investors’ panic intensified as the country’s economic condition at present was in a bad shape.
‘Investors had been hoping that the market would make a positive turn after the nine-day Eid vacation, but the vulnerable economic situation offered them the opposite,’ said Salahiddin Ahmed Khan, a professor of finance at Dhaka University.
He said institutional investors, to whom the retail investors and even the market regulator looked up to, were in a tight spot due to the crisis prevailing in the real economy.  
He also said, ‘The realisation of investors that the government or the banks did not have any new tools to boost the market intensified their panic.’
According to the latest report of the Bangladesh Bureau of Statistics the point-to-point inflation in September stood at 11.97 per cent, while the BB statistics show that the government had borrowed as much as Tk 149.05 billion from the banking system in the first four months of the current fiscal year.

-With New Age input

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Stocks rally continues unabated https://dhakamirror.com/news/business/stocks-rally-continues-unabated/ Fri, 26 Aug 2011 12:05:15 +0000 http://www.dhakamirror.com/?p=35389 The stocks rally that begun Wednesday in the Dhaka bourse continued unabated on Thursday, the last trading session before the Eid vacation, as the investors went on buying shares in the hope that the gaining streak would roll on following the regulatory move for making a uniform face value of all the scrip and mutual ... Read more

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The stocks rally that begun Wednesday in the Dhaka bourse continued unabated on Thursday, the last trading session before the Eid vacation, as the investors went on buying shares in the hope that the gaining streak would roll on following the regulatory move for making a uniform face value of all the scrip and mutual fund units.
DGEN, the benchmark general index of the Dhaka Stock Exchange, rose by 80.50 points, or 1.31 per cent, to close the day at 6,211.99 points.
The turnover of the bourse was Tk 545.21 crore on the day, almost equal to that of Tk 544.79 crore posted on Wednesday.
Market operators said a few institutional investors went on buying on the day as the participation of retail investors was not as strong as that on the previous day.
‘Retail investors were the main contributors to Wednesday’s turnover through their active participation in trade but today institutional investors have taken the lead,’ said a stockbroker.
He said the downtrend in the market for the past one month had pushed the prices of a number of scrip down to a reasonable level, which was also a reason for the market to rebound on Wednesday.
‘You can see that the shares having a face value of Tk 100 have not outperformed those of a face value of Tk 10. This means the investors had been waiting for a positive signal and the decision to go for a uniform face value has turned out to be just that,’ he said.
‘Today, there was no selling pressure from investors as they knew the cash would not come in their hand before the Eid. Besides, a significant number of retail investors remained optimistic about the market situation following the move made for a uniform face value of shares,’ said AIMS Bangladesh Ltd managing director Yawer Sayeed.
The Securities and Exchange Commission on Tuesday decided that the face value of the scrip of all listed companies and the units of all mutual funds would have to be converted to Tk 10 by November 30 and the uniform face value would come into effect from December 1.
At present, of the 231 companies listed with the DSE, 124 have shares of Tk 100 face value and 107 of Tk 10, while 14 of the 36 mutual funds have units of Tk 100 face value, one has units of Tk 1, and the face value of the units of the rest is Tk 10.
Of the 251 issues traded on Thursday, 201 advanced, 44 declined, and six remained unchanged.
Jamuna Oil topped the list of the day’s turnover leaders, with its shares worth Tk 67.28 crore changing hands. The rest on the list of Top-10 turnover leaders were Titas Gas, Lafarge Surma Cement, The City Bank Ltd, United Airways, ONE
Bank Ltd, Meghna Petroleum, Grameenphone, Square Pharmaceuticals, and Islami Bank Bangladesh Ltd.

-With New Age input

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Stocks rise but turnover drops https://dhakamirror.com/news/business/stocks-rise-but-turnover-drops/ Tue, 09 Aug 2011 09:02:00 +0000 http://www.dhakamirror.com/?p=34269 The participation of some institutional investors on Monday kept the Dhaka stocks afloat, although the turnover of the bourse slumped to one-and-a-half-month low due to lack of participation of general investors. The DGEN, the benchmark general index of Dhaka Stock Exchange, gained 103.78 points, or 1.69 per cent, to close the day at 6,223.94 points, ... Read more

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The participation of some institutional investors on Monday kept the Dhaka stocks afloat, although the turnover of the bourse slumped to one-and-a-half-month low due to lack of participation of general investors.
The DGEN, the benchmark general index of Dhaka Stock Exchange, gained 103.78 points, or 1.69 per cent, to close the day at 6,223.94 points, ending a two-day plunge.
The turnover of the DSE on Monday dropped significantly to Tk 495.28 crore, compared to that of Tk 560.67 crore in the previous day, due mainly to reduced participation of general investors as they still remained doubtful about the future of the market in the coming days.
Market operators said some institutional investors, who had mostly remained inactive in the last few trading days, went for bottom fishing on Monday, following the massive plunge in share prices over the past 10 days.
The DGEN lost 590 points in the latest spell of bear run starting after the announcement made by the Securities and Exchange Commission that it would file cases against the market manipulators behind the January’s share market crash.
They also said the meeting between the merchant banks and the equities market regulator on the day also prompted the institutions to go for buying.
‘As the Securities and Exchange Commission sat with the merchant banks this morning, it might have some positive impact on the market,’ said a stockbroker.
The SEC on Monday met the leaders of Bangladesh Merchant Bankers’ Association to discuss the current market condition.
The stockbroker said the turnover amount signified that the rise in share prices on Monday was not due to participation of general investors.
‘Such a rise is not substantial,’ he said.
All the major sectors including bank, non-bank financial institutions, insurance, telecommunication, and fuel and power gained heavily on the day.
Investors, who staged rowdy demonstrations in the last week, whom finance minister AMA Muhith termed on Sunday ‘Fatkabaj’, not investors, went to the SEC headquarters on Monday to submit a memorandum of demands. They met the SEC chairman and handed over a 15-point set of demands for bringing back stability in the market.
The latest bear run began at the end of July with a market correction, following the government decision to offload more shares of state-owned enterprises in the market. Poor corporate disclosures made by a number of listed companies and the tight monetary policy adopted by the Bangladesh Bank also fuelled the fall at the time.
The situation worsened after the announcement made by the SEC that it would take legal actions against market manipulators had triggered a rumour of large-scale disinvestment by the big fishes.
Following a rise for 17 successive trading days from June 28, the DGEN stood at 6,710.53 points on July 24. However, the index continued to slip in the next 10 days, except last Wednesday on which the country’s premier bourse gained 196 points.
Akter H Sannamat, a capital market analyst, said, ‘The market made a sharp rise today mainly due to the participation of institutional investors.’
He, however, said the low turnover was not a good sign for the market.
Sannamat, also said, ‘As any negative remark from the top chairs can make the situation worse so they should be make sure that their comments did not facilitate any vested quarter.’
Of the 256 issues traded on Monday, 227 advanced, 24 declined, and five remained unchanged.
Keya Cosmetics Ltd topped the list of the day’s turnover leaders, with its shares worth Tk 29.95 crore changing hands. The rest on the Top-10 list were Beximco, Malek Spinning Mills, Lafarge Surma Cement, RN Spinning Mills, AIMS 1st Mutual Fund, MJL Bangladesh Ltd, Titas Gas, and MI Cement.

-With New Age input

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Profit taking pulls down stocks https://dhakamirror.com/news/business/profit-taking-pulls-down-stocks/ Sun, 31 Jul 2011 21:36:49 +0000 http://www.dhakamirror.com/?p=33593 Dhaka stocks continued to go through price correction yesterday for the fifth consecutive day with almost 2 percent decline. While declaration of less-than-expected earnings by some listed firms frustrated investors, a rumour on a regulatory action based on recent stockmarket probe report frightened many others, operators said. The benchmark index of Dhaka Stock Exchange, DSE General ... Read more

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Dhaka stocks continued to go through price correction yesterday for the fifth consecutive day with almost 2 percent decline.
While declaration of less-than-expected earnings by some listed firms frustrated investors, a rumour on a regulatory action based on recent stockmarket probe report frightened many others, operators said.
The benchmark index of Dhaka Stock Exchange, DSE General Index, broke strong 6,500 points support level and closed at 6,459 after declining 128 points or 1.95 percent.
There was a rumour that the stockmarket regulator was going to file cases against some investors who were alleged by the stockmarket probe body as wrongdoers. However, any confirm news is yet to be disclosed from the Securities and Exchange Commission.
“Investors kept booking consecutively and accumulated gain watching the deteriorated earning declaration of companies to discount their previous price expectation,” according to daily market analysis by a leading stockbroker.
As of yesterday’s half-yearly declaration, banking sector registered only 4 percent earning growth that was 67 percent in the same period last year. Also earnings of non-bank financial institutions, cement and textile sectors highly declined due to poor capital market activities, fuel and clinker price hike and cotton price decline on the international market, the stockbroker said.
Declaration of negative third quarter earning by Makson Spinning took a heavy toll on the entire textile sector that lost a record 4.2 percent yesterday.
Relaxation of EU Rules of Origin under Generalised System of Preferences and international cotton price drop adversely affected local spinners, according to the analysis.
However, Green Delta Securities, another stockbroker, in its analysis said the DSE is going through price correction as profit taking continued among the investors.
“The prime index had few intermittent bull-runs that dampened this price correction,” it said.
Losers outnumbered gainers 221 to 37, with two securities remaining unchanged on the DSE, which traded more than 15.31 crore shares and mutual fund units on a value of Tk 1,341 crore.
Chittagong stocks also declined yesterday with the Selective Categories Index dropping 314 points, or 2.5 percent, to 11,825.
Losers beat advancers 165 to 31, with four securities remaining unchanged on the Chittagong Stock Exchange that traded over 1.93 crore shares and mutual fund units worth Tk 149.86 crore.

-With The Daily Star input

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Stocks end the week in red https://dhakamirror.com/news/business/stocks-end-the-week-in-red/ Sat, 30 Jul 2011 22:14:51 +0000 http://www.dhakamirror.com/?p=33466 Stocks returned to the red as trading sessions advanced toward the close last week, ending a five-week gaining streak. Profit-taking pushed down market indices. The benchmark general index of Dhaka Stock Exchange, DGEN, capped the week at 6,587, declining 73 points or 1.10 percent. The yardstick of the premier bourse gained 884 points or 15.15 ... Read more

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Stocks returned to the red as trading sessions advanced toward the close last week, ending a five-week gaining streak. Profit-taking pushed down market indices.
The benchmark general index of Dhaka Stock Exchange, DGEN, capped the week at 6,587, declining 73 points or 1.10 percent. The yardstick of the premier bourse gained 884 points or 15.15 percent in five weeks as the liquidity flow boosted investor confidence.
The market opened on a positive note on Sunday continuing from the preceding week’s uptrend and DGEN advanced 49.56 points or 0.74 percent.
The downtrend began on Monday with DGEN slipping 0.21 percent and the trend continued throughout the last three sessions.
Prof Mahmood Osman Imam, who teaches finance at Dhaka University, said the behaviour of the market is usual as the investors went for cashing profits.
The declaration of shares offloading by state enterprises into the capital market also increased selling pressure among the investors, said Imam.
The market faced price corrections in large capital sectors such as bank and non-bank financial institutions as the central bank moved to bear down on the growth of credit for wasteful, unproductive and speculative uses to its new half yearly monetary policy, said Green Delta Securities in its daily market analysis.
But market experts believed it is a natural price correction as investors went for selling shares to pocket profits, it said.
The banking sector declined 4.17 percent and non-bank financial institutions 5.10 percent last week following the publication of half-yearly earnings, said BRAC EPL in its daily market analysis.
Many banks reported their half-yearly earnings and poor performance compared to the same period last year, it also said.
Grameenphone, which represents the telecoms sector, declined 4.49 percent, cement 4.65 percent, while the pharmaceuticals gained 2.57 percent and fuel and power 3.69 percent.
Earlier on July 13, the finance ministry issued a fresh directive to 23 state-owned enterprises to immediately offload shares on the bourses to increase the supply of shares. Meghna Petroleum and Jamuna Oil Company, both already listed, started offloading 17 percent shares in the secondary market since Wednesday last.
Daily average turnover value stood at Tk 1,810 crore, a 16.7 percent rise from the previous week’s average turnover. Total turnover value increased 45.8 percent on the preceding week’s value of Tk 9,053 crore as the preceding week consisted of four trading sessions.
RN Spinning Mills topped the turnover leaders with 23.71 lakh shares worth Tk 264 crore changing hands.
Kohinoor Chemicals was the bigg-est gainer of the week, posting a 13.33 percent rise, while Prime Finance and Investment was the worst loser, slumping by 10.24 percent.

-With The Daily Star input

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Stocks suffer swings, end in the red https://dhakamirror.com/news/business/stocks-suffer-swings-end-in-the-red/ Wed, 27 Jul 2011 22:32:41 +0000 http://www.dhakamirror.com/?p=33309 Stocks fluctuated yesterday before settled in the negative zone as the investors went for selling shares to pocket profit. The benchmark general index of Dhaka Stock Exchange, DGEN, shed 14 points or 0.22 percent to end at 6,627. On the port city’s bourse, the selective categories index, CSCX, the main yardstick of Chittagong Stock Exchange, lost ... Read more

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Stocks fluctuated yesterday before settled in the negative zone as the investors went for selling shares to pocket profit.
The benchmark general index of Dhaka Stock Exchange, DGEN, shed 14 points or 0.22 percent to end at 6,627.
On the port city’s bourse, the selective categories index, CSCX, the main yardstick of Chittagong Stock Exchange, lost 17 points or 0.15 percent, to close at 12,208.
Stocks on the DSE suffered a steep fall in the first five minutes of the day’s trading, declining more than 50 points. However, it showed a dramatic recovery later. The indices of bourses closed negative.
Analysts attributed the market swings to price corrections.
“It is a rational behavior of the market as share prices declined for three days after gaining for a few days,” said Prof Salahuddin Ahmed Khan, who teaches finance at Dhaka University.
“It is a price correction as investors went for selling shares to make new investment into the market,” said Khan, also a former chief executive officer of DSE.
Yawer Sayeed, managing director of AIMS of Bangladesh, said shares prices declined as the investors went for profit-taking selling shares from different sectors.
He said the government’s decision to offload more shares of the listed state-owned enterprises is a very good decision, which will increase the supply of scrips into the market.
Two state-run companies Meghna Petroleum and Jamuna Oil started offloading shares onto the stockmarket yesterday. Meghna Petroleum and Jamuna Oil advanced 1.52 percent and 2.7 percent respectively, to close the day at Tk 200.7 and Tk 281.1.
The banking sector lost 1.2 percent and non-bank financial institutions were down by 1.5 percent. The telecoms sector however gained 0.29 percent, pharmaceuticals 0.89 percent and fuel and power 1.17 percent.
IDLC Finance declined 3.6 percent following its publication of half-yearly earnings, said BRAC EPL in its daily market analysis.
Of the total 263 issues traded on the DSE floor, 135 declined, 114 advanced and 14 remained unchanged.
United Airways topped the turnover chart with 11.41 lakh shares worth Tk 64.42 crore changing hands.
Sinobangla Industries was the biggest gainer of the day, posting 9.45 percent rise, while the IDLC Finance was the worst loser.
Turnover on the DSE floor stood at Tk 1,726 crore, a 2.8 percent hike over the previous day’s Tk 1,680 crore. More than 20 crore shares and mutual fund units changed hands on the country’s premier bourse.

-WIth The Daily Star input

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Stocks buck gaining trend https://dhakamirror.com/news/business/stocks-buck-gaining-trend/ Tue, 26 Jul 2011 05:56:55 +0000 http://www.dhakamirror.com/?p=33096 Twin bourses ended a four-day gaining streak yesterday as investors sold shares for profit-taking. The benchmark general index, DGEN, the yardstick of Dhaka Stock Exchange, lost 14 points, or 0.21 percent, to end the day at 6,669. On the port city’s bourse, the selective categories index, CSCX, the indicator of Chittagong Stock Exchange, slipped 48 points, ... Read more

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Twin bourses ended a four-day gaining streak yesterday as investors sold shares for profit-taking.
The benchmark general index, DGEN, the yardstick of Dhaka Stock Exchange, lost 14 points, or 0.21 percent, to end the day at 6,669.
On the port city’s bourse, the selective categories index, CSCX, the indicator of Chittagong Stock Exchange, slipped 48 points, or 0.39 percent, to 12,289.
DGEN opened on a positive note and advanced 47.36 points in the first five minutes of trading but selling pressure pushed down the indices in the final hour of trade.
Prof Mahmud Osman Imam, who teaches finance at Dhaka University, said the surveillance system of bourses and Securities and Exchange Commission should be effective to prevent another bubble in the stockmarket as some shares gained non-stop.
Investors should be careful about investments in low-profile shares, said Imam, a member of the index development committee of DSE.
Lafarge Surma registered negative half-year earnings due to setbacks in production for the clinker shortage, said LankaBangla Securities, in its market analysis.
The fuel and power sector gained 1.18 percent, while banks lost 1.03 percent, non-bank financial institutions 0.27 percent and pharmaceuticals 0.05 percent.
Grameenphone, which represents the telecoms sector, declined 2.93 percent.
Of the 263 issues that traded on the DSE floor, 150 declined, 105 advanced and eight remained unchanged.
Turnover on the DSE stood at Tk 1,882 crore, down Tk 76 crore from the previous day.

-With The Daily Star input

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Dhaka stocks gain on GP, NBFIs surge https://dhakamirror.com/news/business/dhaka-stocks-gain-on-gp-nbfis-surge/ Tue, 19 Jul 2011 21:44:32 +0000 http://www.dhakamirror.com/?p=32595 Dhaka stocks gained again on Tuesday with a sharp rise of share prices of two largest companies—GrameenPhone and MJLBD—and all non-bank financial institutions. The benchmark general index of Dhaka Stock Exchange, or DGEN, on the day gained 100.99 points, or 1.55 per cent, to close at 6,587.58 points. Turnover on the bourse increased to Tk 1,387.54 ... Read more

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Dhaka stocks gained again on Tuesday with a sharp rise of share prices of two largest companies—GrameenPhone and MJLBD—and all non-bank financial institutions.
The benchmark general index of Dhaka Stock Exchange, or DGEN, on the day gained 100.99 points, or 1.55 per cent, to close at 6,587.58 points.
Turnover on the bourse increased to Tk 1,387.54 crore compared to that of Tk 1,157.06 crore in the previous day.
Market operators said all 21 companies of non-bank financial sector gained big on the day as the government decided to double the capital requirement for financial institutions to Tk 100 crore from Tk 50 crore.
They said that apart one, all the bank issues also rose marginally on the day which also contributed to the gains on Tuesday.
‘As GP and MJLBD hold a significant number of shares of the total market capitalisation, sharp rise of their share prices was one of the key factors for Tuesday’s gain,’ said a stockbroker.
‘Heavy gains made by the non-banking financial institutions were another major reason for today’s market rise,’ he added.
The GP on Tuesday declared interim cash dividend of 140 per cent or Tk. 14.00 per share for the year ending on 31st December 2011. GP on the day posted a rise of Tk 18.1 or 10.22 per cent to close at Tk 195.0.
MJLBD also gained by 7.27 per cent or Tk 13.1 on the day to close at Tk 190.3.
Trading on DSE started in a positive mood and the DGEN index made a steady rise throughout the session on Tuesday.
On Sunday, the market had fallen by 91 points following a remark made by the finance minister AMA Muhith expressing his dissatisfaction over the recent bull run in the capital market. Before Sunday, the general index of DSE gained 454 points in eight consecutive sessions.
Of 261 issues traded on Tuesday, 229 advanced, 28 declined, and four remained unchanged.
GP topped the list of top-10 turnover leaders on Tuesday with its share worth Tk 75.49 changing hands. The rest in the list were Beximco, MJLBD, Shajalal Islami Bank, United Airways, MI Cements, One Bank, Goldenson, Titas Gas and United Commercial Bank.

-With New Age input

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Stocks fall Sunday on Muhith’s comments https://dhakamirror.com/news/business/stocks-fall-sunday-on-muhiths-comments/ Mon, 18 Jul 2011 23:35:11 +0000 http://www.dhakamirror.com/?p=32511 Star Business Report Stocks declined on Sunday after an eight-day gaining streak as investors sold shares to book profits, after the finance minister indicated market manipulation might be at work again. The Dhaka Stock Exchange’s benchmark index DGEN lost 91 points, or 1.39 percent, to close at 6,486. On the port city’s bourse, the selective ... Read more

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Star Business Report Stocks declined on Sunday after an eight-day gaining streak as investors sold shares to book profits, after the finance minister indicated market manipulation might be at work again.
The Dhaka Stock Exchange’s benchmark index DGEN lost 91 points, or 1.39 percent, to close at 6,486.
On the port city’s bourse, the selective categories index of Chittagong Stock Exchange, CSCX, the indicator of CSE lost 174 points or 1.46 percent, to close at 11,754.
The market started off on a negative note as most of investors placed selling orders, losing 40 points at 11:05am.
Finance Minister AMA Muhith said on Thursday that the surge in prices of shares was not a good sign for the capital market. “I don’t like the way the market is rising. No new funds have flowed into the market. It’s the old players who are putting their money back in,” he said.
Prof Salahuddin Ahmed Khan, who teaches finance at Dhaka University, said: “Investors went for profit-taking as the market continued its bull-run for eight days.”
Some low-profile shares behaved abnormally without any price sensitive news in the market, said Khan, also a former chief executive officer of DSE.
The banking sector lost 1.86 percent, non-bank financial institutions 1.50 percent, telecoms 1.67 percent, fuel and power 1.20 percent and pharmaceuticals 0.49 percent.
Of the total 262 scripts traded on the DSE floor, 42 advanced, 213 declined and seven remained unchanged.
Turnover on the premier bourse stood at Tk 1,157 crore, 31.3 percent down from the previous day’s Tk 1,683 crore.
Keya Cosmetics was the biggest gainer of the day, posting a 5.5 percent rise, while ACI Formulations was the worst loser, slumping by 5.2 percent following their half-yearly earnings publication, said BRAC EPL in a market analysis.
Bextex topped the turnover leaders with 13.80 lakh shares worth Tk 49.9 crore changing hands.
The other turnover leaders were MJL Bangladesh, United Commercial Bank, Beximco, One Bank, United Airways, MI Cement Factory, Fu-Wang Food and Social Islami Bank.

-With The Daily Star input

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Stocks pass four bullish weeks https://dhakamirror.com/news/business/stocks-pass-four-bullish-weeks/ Sat, 16 Jul 2011 23:42:10 +0000 http://www.dhakamirror.com/?p=32300 Stocks gained for a fourth week with high turnover due to active participation of small and institutional investors and the possibility of an increased inflow of money into the market. The benchmark general index, DGEN, gained 4.22 percent or 266 points, to end the week at 6,578. The yardstick of DSE gained 13.89 percent or ... Read more

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Stocks gained for a fourth week with high turnover due to active participation of small and institutional investors and the possibility of an increased inflow of money into the market.
The benchmark general index, DGEN, gained 4.22 percent or 266 points, to end the week at 6,578. The yardstick of DSE gained 13.89 percent or 802 points in the last four weeks.
Average daily turnover was Tk 1,562 crore last week, which is 44.5 percent higher than in the previous week. Turnover on Thursday rose to Tk 1,683 crore, the highest since December 30 last year.
The market opened with a sharp gain of 1.99 percent and the gaining streak continued through the last four sessions.
The liquidity flow in the stockmarket has improved in the last four weeks as the government approved investments of undisclosed money in the stockmarket earlier this month, BRAC EPL said in a market analysis.
The commission should work for increasing the flow of stocks into the market to reduce the gap between demand and supply, a market analyst said.
Meanwhile, Finance Minister AMA Muhith said on Thursday that the surge in prices of shares was not welcome and was not a good sign for the capital market.
All major sectors advanced this week: banks 4.8 percent, non-bank financial institutions 4.8 percent, telecoms 7.27 percent, pharmaceuticals 4.5 percent and power 3.3 percent.
Mutual funds rose 7.34 percent, general insurance 8.03 percent, cement 8.6 percent, while life insurance lost 0.9 percent and food and allied 1.8 percent. Mutual funds gained significantly based on expectation of good dividend declaration.
Telecommunication sector advanced this week following the news that the licence renewal fee of the companies will be slashed down.
However, the food and allied sector was down as the blue-chip stock of the sector, BATBC, retraced following the publication of its half-yearly profit, said BRAC EPL.
Bextex topped the turnover leaders with 68.44 lakh shares worth Tk 266 crore changing hands.
Federal Insurance was the biggest gainer of the day, posting 24.59 percent rise, while the Sandhani Life Insurance was the worst loser, slumping by 32.45 percent.

-With The Daily Star input

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