Sell pressure pushes mkt to end flat

Dhaka,  Sat,  23 September 2017
Published : 27 Nov 2016, 21:25:53

Sell pressure pushes mkt to end flat

FE Report

The Dhaka bourse on Sunday closed somewhat flat as the major sectors showed mixed performance on the week's opening day.

The premier bourse on the day observed marginal correction as the risk-averse investors opted to realise 'quick gain' on sector-specific stocks, according to International Leasing Securities.

The market started the session with a flat movement and continued for the first hour. Later, the DSE broad index DSEX lost some points. Before closing the session, the DSEX regained some points but eventually failed to end in the green.

At the end of the session, the DSE broad index DSEX shed 0.09 per cent or 4.75 points to close at 4786.57 points.

The shariah-based index DSES rose 0.12 per cent or 1.41 points to close at 1134.68 points, whereas the blue-chip index DS30 lost 0.05 per cent or 1.03 points to close at 1768.49 points.

"The stock market opened on a higher note, but the upward motion decelerated later amidst short term profit booking sell pressure from the investors," said a market review by International Leasing Securities.

Of the 320 issues traded, 128 advanced, 152 declined and 40 remained unchanged on the premier bourse.

The turnover stood at above Tk 6.10 billion which was 7.30 per cent less than the turnover on the previous day. Of the total turnover, above Tk 80.63 million came from transactions executed in the block board.

"The bourse opened positively, but the investors opted to book quick gain on their portfolio that resulted in sell pressure in the market," said the EBL Securities.

Top daily gainers and losers list on the day, however, comprised small-cap stocks whereas the turnover list was dominated by both the large and small caps.

Among the major sectors that witnessed corrections, banks declined 0.5 per cent, financial institutions 0.4 per cent, life insurance 0.7 per cent, pharmaceuticals & chemicals 0.1 per cent, telecommunication 0.2 per cent and textile 0.7 per cent.

Investors' attention was mostly concentrated on the companies representing the engineering sector that featured a turnover of Tk 970 million and captured 16 per cent of the market turnover.

Among other sectors that drew investors' attention, banks captured 14.30 per cent of market turnover followed by textile 12.80 per cent, fuel & power 10.10 per cent, pharmaceuticals & chemicals 8.2 per cent and financial institutions 6.6 per cent.

Doreen Power Generations and Systems topped the volume chart with a value of Tk 248 million followed by Bangladesh Building Systems Tk 215 million, Quasem Drycells Tk 187 million, AB Bank Tk 165 million and Beximco Limited Tk 153 million.

Fortune Shoes was the number one gainer with a rise of 9.94 per cent to close at Tk 50.70, while Emerald Oil Industries was the worst loser after shedding 11.39 per cent to close at Tk 31.50.

Among the major sectors based on market capitalisation, travel advanced 3.3 per cent followed by tannery 1.9 per cent and cement 1.0 per cent.
Editor : A.H.M Moazzem Hossain
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