FE Report

Dhaka stocks started the week Sunday with a meagre fall as the number of gainers from the last trading day slipped and losers rose while turnover remained buoyant.

The benchmark DSE General Index (DGEN) ended 2980.51 with a drop of 0.072 per cent or 2.16849 points, with the market in grip

of 'flat' trading.

All Shares Price Index (DSI) gained a meagre 0.01 per cent or 0.250 points to end at 2494.16.

Gainers outpaced the losers by a slim margin. Out of 234 issues traded, 123 advanced, 109 declined and two remained unchanged.

Although the gap between gainers and losers from the last trading day shrunk Sunday, the day's turnover hit a robust Tk 7.305 billion against Thursday's Tk 7.12 billion.

Stock brokers said trading was sluggish, as the market is still 'overvalued' and flush with steady injection of new funds.

"The market was essentially flat and uneventful. We think it is still overpriced and should undergo corrections," a top official at a private asset management company told the FE.

First generation private bank AB Bank was the turnover leader, with shares worth Tk 484.172 million traded and its share value inching up by 1.25 per cent to Tk 1066.75.

State-run largest natural gas distribution company, Titas Gas, followed with a turnover of Tk 478.089 million. But its price fell 1.04 per cent to end on 686.75.

Beximco Limited, the flagship company bearing the local conglomerate's name, saw share transaction of Tk 443.963 million, with share value rising 4.04 per cent to close at Tk 305.90.

Lanka Bangla Finance had Tk 362.312 million in turnover, ending on Tk 276.30, up by 3.71 percent.

Summit Power ended on Tk 1380.75, edging up 0.54 percent. Summit shares worth Tk 284.408 million changed hands.

Food maker Bangas is the top gainer of the day with its share price increasing by 6.09 per cent or 91.25 points to close at 1590. Their total turnover was Tk 0.134 billion.

Bangas was followed by Renwick Jageswar, National Tubes, Usmania Glass, Batbc, Imam Button, Federal Insurance, Bangladesh Finance and Investment Company Ltd, Exim Bank and Prime Textile.

Nitol Insurance topped the list of the losers with its share prices sliding by 6.16 per cent or 30.5 points to close at 465.0 after it opened the day at 500.0.

Continental Insurance Ltd, Meghna Condensed Milk, National Housing Finance and Investment Ltd, BDCOM Online Ltd, Meghna Pet Industries, Eastern Insurance, Delta Spinners Ltd, Central Insurance and H R Textile were also leading losers.