Dhaka stocks revert to negative zone

January 29, 2015

Dhaka stocks reverted to negative zone on Wednesday after rising in the previous trading session amid volatile trading due to investors’ skepticism about the market prospect. The key index of Dhaka Stock Exchange, DSEX, fell by 0.19 per cent, or 9.46 points, to close at 4,747.63 points on the day. Share prices of two-third traded scrips fell on the day as investors were uncertain about the market prospect due to the ongoing political unrest, stockbrokers said.
The market on Wednesday started positive with increased share prices of most traded scrips, but it lost the momentum and declined to 4,729.55 points within 40 minutes of trading after beginning with 4,757.10 points.
The key index of the bourse in the next 2 hours recovered some ground and stood at 4,776.05 points at 1:20pm as some government-owned entities were playing a major role to buoy the market.
As prices of most traded scrips fell within the remaining time of the trading session, the DSEX finished negative at 4,747.63 points.
Stockbrokers said that settlement of existing political problem might restore investors’ confidence over the market.
DS30, the blue-chip index of DSE, however, finished flat at 1,756.80 points, adding 1.27 points due to rise in share prices of large capitalised companies.
The Shariah index of the bourse, DSES, fell by 0.16 per cent, or 1.84 points, to finish flat at 1,122.32 points.
Of the 305 shares and mutual funds traded on the day, 99 advanced, 171 declined and 35 remained unchanged.
Turnover of the bourse increased marginally to Tk 235.86 crore on the day compared with that of Tk 215.17 crore in the previous trading session.
‘Shedding 9.5 points off, DSEX closed flat, amid day-long tug of war between bearish and opportunistic investors,’ IDLC Investments said in its daily market commentary.
‘However, the session was asymmetric, with 171 scrips declining, against advancement of 99 issues,’ said IDLC.
‘Market acted mixed today and passed a volatile session,’ LankaBangla Securities said in its daily market commentary.
‘Small caps observed buying interest in market as some sector specific stocks drowned to lucrative buying price ranges,’ it said.
C&A Textiles led the turnover chart for anther trading session with its shares worth Tk 12.94 crore changing hands.
Alltex Industries, CVO Petrochemicals, Aamra Technologies, Grameenphone, Beximco Pharma, Summit Alliance Port, Bengal Windsor Tharmoplastics, GSP Finance Company and Agni Systems were among other turnover leaders.
Bangladesh Submarine Cable Company gained the most on the day as its share prices rose by 9.96 per cent, while Exim Bank 1st Mutual Fund was the worst loser of the day, shedding 9.58 per cent.

-With New Age input

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