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Daily Business News All Daily Business News
01 Apr 2014
Dhaka stocks inch up, turnover rises

Dhaka stocks inched up on Monday after a fall in the previous trading session with the turnover of Dhaka Stock Exchange remaining around Tk 300-crore level for the last eleven trading sessions as key market players remained on the sideline. DSEX, the key index of the DSE, closed at 4,491.98 points, adding 0.29 per cent or 13.29 points. The turnover of the bourse increased to Tk 287.26 crore from Tk 277.76 crore on Sunday.

Market operators said the DSEX became negative within 10 minutes of trading but some optimistic share purchase, mostly by retail investors, pulled the market up. The market sustained the positive vibe for rest of the trading hours despite fall in most of the traded shares as majority of the large capitalised companies’ shares, mostly banks and financial sector, remained positive, they said.

A Bangladesh Securities and Exchange Commission official told New Age that the turnover of the bourse remained below Tk 300-crore level as participation of the major market players, merchant banks, stockbrokers and foreign investors, marked significant fall in recent time. The participation of the key market players was on the decline following some steps taken by Bangladesh Bank, he said. ‘Despite the stable economic and calm political situation, the recent investment trend of the major market players seems irrational and it could be the main reason for the significant fall in turnover,’ he added.

On the other hand, merchant bankers said that the recent BB directive which set consolidated capital market investment limit for the banks forced them to refrain from trading. Foreign investors’ participation on the trading floor also declined sharply in recent time which was among other reason for the fall in turnover, they said. Diversion of fund to initial public offering shares might be another reasons for the turnover fall, they said. DS30, the blue-chip index of the bourse, went up by 0.63 per cent, or 10.10 points, to finish at 1,603.53 points on the day. The Shariah index of the DSE, DSES, finished at 975.96 points, gaining 0.24 per cent or 2.39 points. Of the 290 shares and mutual funds changed hands on the day, 127 advanced, 129 declined and 33 remained unchanged.
T
he DSEX had declined by 216.88 points in the last five weeks, while it lost 326 points since February 6 when the index reached at its all-time high of 4,845.08 points. Since the general elections held on January 5 the market had increased sharply from 4,314 points to 4,845.08 points within a month as investors were anticipating another bubble in the market.

Lafarge Surma Cement led the turnover leaders with its shares worth Tk 28.33 crore changing hands on Monday. Padma Oil, Square Pharmaceuticals, National Tubes, Bangladesh Shipping Corporation, Familytex, Bangladesh Submarine Cable Company, Emerald Oil, Atlas Bangladesh and BRAC Bank were among the other turnover leaders. Eastern Lubricants gained the most with a 6.69-per cent increase in its share price, while Renwick Jajneswar lost the most, shedding 8.62 per cent.
The DSE on Sunday announced that it had formed an enquiry committee to investigate the recent unusual price hike of Renwick Jajneswar & Company.

Source :: The New Age