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Daily Business News All Daily Business News
17 Sep 2013
Dhaka stocks inch up but turnover dips

Dhaka stocks inched up on Monday with a declining turnover as the investors went for the watch-and-see strategy following the Bangladesh Securities and Exchange Commission’s move to investigate unusual price hike of four stocks. The benchmark general index of Dhaka Stock Exchange, DSEX, finished at 4,137.93 points, adding 0.34 per cent, or 14.02points. DS30, the blue-chip index of the DSE, lost 0.46 per cent, or 7.11 points, to close at 1,523.28 points. The turnover of the bourse declined to Tk 522.93 crore from the previous trading session’s Tk 590.52 crore. Among the 293 shares and mutual funds traded on the day, 143 advanced, 131 declined and 19 remained unchanged.

Market operators said that the market on the day failed to sustain the previous session’s momentum as the information regarding BSEC’s move to investigate unusual price hike of four stocks spread on Sunday, making the investors watchful. A section of investors refrained from trading, opting to observe the market movement before making their next move, they said. Some institutional investors were on a selling spree on the day, which was another reason behind the decline in turnover, they said. ‘Volatility continued throughout the session over profit booking in Large Capitalized scrips against re-positioning in Micro Capitalized scrips,’ IDLC Investment said in its daily market commentary.

‘The bourse ended flat, where DSEX gained 14.03 points and DS30 lost 7.11 points. Additionally, investors were seemed to be more active in generating quick return and indecisive for long term positioning,’ it said. ‘However, price increase in most of the Bank scrips made this sector to be highest amid major sectors,’ it also said. Bangladesh Submarine Cable Company led the turnover chart on the day as its shares worth Tk 20.68 crore changed hands. Heidelberg Cement, United Airways, Grameenphone, JMI Syringes and Medical Devices, AMCL Pran, Active Fine Chemicals, CVO Petrochemicals, Tallu Spinning and Meghna Petroleum were the day’s other turnover leaders. BD Autocars gained the most on the day as the price of its shares increased by 10 per cent while Meghna Condensed Milk lost the most, 7.36 per cent.

Source :: New Age