Dhaka stocks decline on profit-taking

February 24, 2014

Dhaka stocks declined on Sunday, the first trading session of the week, with increased turnover as some investors continued to sell-off shares to make profit along with fall in the large capitalised company shares. The benchmark general index of Dhaka Stock Exchange, DSEX, declined to 4,727.44 points, shedding 0.70 per cent or 33.74 points. Starting with a positive mood the market fell immediate after 15 minutes of trading due to increased sell-offs, market operators said.
The declining trend continued till the end of trading as no significant support was found from the buying side, they said.
A section of institutional investors have been on the selling side for last couple of sessions which was the main reason behind the decline in the market, they said.
On the other hand, a short term-liquidity crisis has been prevailing in the market as a large number of investors have already sold shares to secure initial public offering shares of Hwa Well Textiles (BD) Limited, they said.
The operators also said that increasing political tension surrounding the upazila polls was another reason behind the declining trend in the market.
DS30, the blue-chip index of the bourse, fell by 1.23 per cent, or 20.80 points, to close at 1,667.22 points on the day.
The shariah index of DSE, DSES, finished at 985.14 points, shedding 1.01 per cent or 10.13 points.
Turnover of the DSE increased to Tk 423.03 crore companied with Tk 399.80 crore in the previous trading session.
Of the 290 shares and mutual funds changing hands, 84 advanced, 174 declined and 32 remained unchanged.
‘Opening session of the week saw a break in the gaining streak. As session went offbeat over certain stocks in the large and mid capitalised segment, shed offs were strong in these segments,’ IDLC Investments said in its daily market commentary.
‘While, indices were on down track, turnover was in up track, crossing Tk 400 crore after lying below this level throughout the last week,’ IDLC said.
Bangladesh Shipping Corporation led the turnover chart as its shares worth Tk 35.72 crore changed hands.
IDLC Finance, Singer Bangladesh, Meghna petroleum, Bangladesh Submarine Cable Company, Olympic Industries, Square Pharmaceutical, LankaBangla Finance, Generation Next Fashions and Grameenphone were among other turnover leaders.
IDLC Finance Increased the most, 12.56 per cent on Sunday as the company declared 30 per cent dividend for its shareholders. The board of IDLC also decided to offer one rights share against existing two shares of the company.
HR Textile lost the most on the day as its share prices declined by 8.74 per cent.

-With New Age input

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