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Daily Business News All Daily Business News
29 Sep 2013
DSE WEEKLY REVIEW :: Rough week for Dhaka stocks due to political, RMG unrest

Dhaka stocks declined last week after gaining in the previous one amid a plummeting turnover as unrest in the readymade garments sector and uncertain political prospects made the investors panicky. The average daily turnover of the bourse declined to Tk 406.42 crore from the previous week’s Tk 576.21 core. The benchmark general index of the Dhaka Stock Exchange, DSEX, lost 2.06 per cent, or 84.33 points, to close at 4,013.38 points. DS30, the blue-chip index of the bourse, closed at 1,464.31 points, shedding 3.18 per cent or 48.12 points in the week.

The bourse started the week with a negative trend as the 48-hour general strike called by Jamaat-e-Islami protesting the Supreme Court’s verdict against its party leader Abdul Quader Molla took its toll on the market, said market operators. Anxiety over the political future, coupled with unrest in the RMG sector, demoralised the investors as the latter could hit the overall economic situation of the country hard, said the operators. Recent steps taken by the Bangladesh Securities and Exchange Commission and the DSE to investigate unusual price hike of small capitalised companies dejected the gamblers, which resulted in their inactivity on the trading floor and decrease in the turnover volume, they said.

‘Political uncertainty, unrest in RMG sector and investors’ dive for generating quick return ahead of Eid-Ul-Adha mostly played in this week’s market sentiment,’ IDLC Investments said in its daily market commentary. ‘In the meantime, investors’ pursuance of meticulous polity over dimmed capital market scenario put market situation in an indecisive mood,’ it said. ‘Ending session of the week repeated the same trend of selling spree and profit booking over investors’ fear and lack of certain future market directions. As a result, turnover hit 31 sessions’ lowest level of Tk 303.07 crore. But, index managed to end green at the end of the week,’ it also said. Of the 298 shares and mutual funds traded in the week, 115 advanced, 170 declined and 13 remained unchanged.

Shares of textile companies continued to dominate as the sector captured 25.09 per cent of the week’s total turnover. Shares of small capitalised companies continued to gain as Rahima Food led the gainers’ list with the price of its shares going up by 50.16 per cent while Hakkani Pulp and Paper, Peoples Insurance, In Tech Online, Agrani Insurance, Legacy Footwear, HR Textile, Information Services Network, Prime Textile and Purabi General Insurance followed the chart.

CMC Kamal led the turnover chart as its shares worth Tk 71.43 crore changed hands. Bangladesh Submarine Cable Company, Tallu Spinning, Generation Next Fashions, United Airways, RN Spinning Mills, JMI Syringes and Medical Devices, Grameenphone, Bangas and Active Fine Chemicals were the week’s other turnover leaders. Modern Dyeing & Screen Printing lost the most, 26.81 per cent.

Source :: New Age