Turnover crosses Tk 8.0b-mark

Dhaka,  Fri,  09 December 2016
Published : 29 Nov 2016, 21:18:27

Turnover crosses Tk 8.0b-mark

Dhaka stocks face mild correction
FE Report


Dhaka stocks witnessed mild correction Tuesday, with turnover crossing Tk 8.0 billion-mark for the second time in 2016, as investors were active both sides of trading fence.

Brokers said the market faced mild correction as risk-averse investors booked quick-gain on selective stocks over the recent surge, while enthusiastic investors' injected fresh fund amid optimism, taking the market turnover above Tk 8.0 billion level.

"Price correction in bank, telecommunication and cement sectors contributed mostly in the market fall," said an analyst at a leading brokerage firm.

However, the market turnover remained very encouraging, which was primarily driven by engineering, textile, pharmaceuticals and fuel and power sectors.

The market started with an upbeat note and key index of the premier bourse crossing 4,800-mark within first 15 minutes, but could not sustain that level amid profit booking sell pressure, ultimately closed 4.34 points lower.

After hitting 14-month high level in the previous day, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 4.34 points or 0.09 per cent to settle at 4,793.31 points.

LankaBangla Securities, a stockbroker, said, "The market pull back slightly following the recent upward trend in index".

The stockbroker noted that although, market players saw strong resilience amid high liquidity in continuation of last week the supply of share offerings capped the index movement beyond 4,800-level.

The two other indices also edged lower. The DS30 comprising blue chips fell1.92 points or 0.10 per cent to finish at 1,768.06. The DSE Shariah Index (DSES) saw a fractional loss of 0.56 point or 0.05 per cent to close at 1,135.48.

Turnover, the important indicator of the market, however, jumped to Tk 8.08 billion, which was 8.0 per cent higher than the previous day's turnover of Tk 7.48 billion.  

Tuesday's turnover was the also the second highest turnover value in 2016 after Tk 14.78 billion recorded on November 23, which was largely depended on block transaction of Khulna Power Company.

IDLC Investments, a merchant bank, said, "The bourse observed investors' large participation as overall turnover crossed Tk 8.0 billion level again".

The merchant bank noted that engineering and textile snatched a big chunk of activities, capturing 21 per cent and 15 per cent of the day's total value.

Asian Tiger Capital Partners, an asset management company, said, "The market witnessed meager correction amid buoyant participation from investors".

Most of the sectors depicted shining performance. Engineering sector posted the highest gain of 0.25 per cent, followed by fuel and power 0.19 per cent, food and allied 0.15 per cent. NBFIs and pharmaceuticals also edged up by 0.11 per cent and 0.07 per cent respectively.

Banks and telecommunication lost 0.58 per cent and 0.15 per cent respectively.

The gainers took a strong lead over the losers as out of 324 issues traded, 149 closed higher, 125 closed lower and 50 remained unchanged on the DSE trading floor.

However, the port city bourse, the Chittagong Stock Exchange (CSE) edged higher with its Selective Categories Index - CSCX - advancing 3.33 points to settle at 8,987.48 points.

Gainers beat losers as 148 issues closed higher, 102 closed lower and 25 remained unchanged on the CSE.

The port city bourse traded 21.50 million shares and mutual fund units' worth over Tk 461 million in turnover.

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