Dhaka stocks return to negative zone

February 21, 2015

DSE Weekly Review
Dhaka stocks return to negative zone
Dhaka stocks returned to the negative zone last week after a sharp rise in the previous week due to investors’ profit taking share sell-offs and scepticism about the market prospect amid fresh political tension. The key index of Dhaka Stock Exchange, DSEX, fell by 1.10 per cent, or 53.49 points, over the week to close at 4,788.23 points on Thursday. Out of the five trading sessions of the week, the market ended negative in three trading sessions due to investors’ profit booking share sell-offs and scepticism about the market prospect, market operators said.
Fresh political tension made investors nervy in the week, operators said.
Besides, an International Crimes Tribunal on Thursday issued warrant for death against condemned war criminal Jamaat leader Muhammad Kamaruzzaman that made investors shaky, they said.
Of the 318 shares and mutual funds traded, 123 advanced, 178 declined and 17 remained unchanged.
The daily average turnover at the bourse fell by 9.64 per cent to Tk 263.96 crore last week compared with that of Tk 292.12 crore in the previous week.
The blue-chip index of the DSE, DS30, declined to 1,777.87 points on Thursday, slipping by 1.90 per cent or 34.48 points over the week.
The Shariah index of the bourse, DSES, finished at 1,128.29 points, shedding 1.89 per cent or 21.69 points.
‘Stagnancy on the political front and its probable impact on macroeconomic landscape put a negative sentiment on the overall market, snatching 53.5 points off of the bourse,’ IDLC Investments said in its weekly market commentary.
‘Meanwhile, investors were busy on realising gains, attained from last week’s upturn,’ it said.
No significant fresh fund flowed to the market, keeping overall market-wide participation lethargic, IDLC said.
‘However, they were focused on upcoming yearly corporate declarations which finally assisted growing their interest on some specific scrips from bank sector,’ it said.
‘Investors could not fully avoid the political tension prevailing in this country. That’s why they went for selling shares and remained on the sidelines to observe market movement,’ LankaBangla Securities said in its weekly market commentary.
‘But still some investors are looking at stocks that are trading at attractive prices,’ it said.
BEXIMCO topped the turnover leaders with its shares worth Tk 41.06 crore changing hands in the week.
IFAD Autos, Aamra Technologies, Grameenphone, Lafarge Surma Cement, Shahjibazar Power Company, Agni Systems, Square Pharmaceuticals, MJL Bangladesh and CVO Petrochemical were among the other turnover leaders.
Bangas gained the most with a 12.91-per cent increase in its share price, while Bangladesh Shipping Corporation was the worst loser, shedding 13.91 per cent.

-With New Age input

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