Dhaka stocks continued their losing streak for the two straight sessions Tuesday with the turnover declined significantly, as investors were suffering from lack of confidence.
Market insiders said dearth of liquidity due to high demand for money ahead of Eid-ul-Fitr has kept the institutional buyers almost inactive, while small investors are watching the market movement.
The market resumed Tuesday, after National Mourning Day's holiday, and the DGEN lost more than 7.0 points within five minutes upon resumption of trading. The losing streak continued until the closure amid moderate ups and downs and finally ended 60 points lower.
The benchmark General Index of the DSE, the key index of the DSE, shed 60.02 points or 0.92 per cent to end the day at 6,112.27.
The broader All Shares Price Index (DSI) went down by 49.42 points or 0.97 per cent to close at 5,111.81. The DSE-20 Index comprising blue-chip shares also lost 24.01 points or 0.57 per cent to close at 4,126.54.
Total turnover value declined substantially and stood at Tk 3.54 billion in value terms, down by 19.46 per cent from Tk 4.39 billion in the previous session.
Market operators said liquidity crisis hit the market again and the current spell of volatility has already spread panic among the investors.
"The lower turnover value indicates the absence of active institutional participation at the moment which has translated into a visible lack of buying pressure," said a stock broker.
The small investors also seem to be suffered from lack of confidence at the moment, he added.
The traders were probably involved in netting trying to take advantage of intraday volatility by taking a directional view on the market for the day leading to the slow but steady sell-off, commented a merchant banker.
Market insiders said the index and the turnover are continuing to dip as a majority section of worried investors sold-off shares fearing further instability in the market, due to a host of reasons, including upcoming political unrest in the country.
Dearth of liquidity due to high demand for money ahead of festivity has kept the institutions almost inactive in the market now, commented LankaBangla Securities in its daily market analysis.
Retail investors remained in sideline for bargain hunting in next sessions, while profit booking by some investors ahead of festivity created supply side pressure, it added.
Share prices of most of the issues traded on the day declined. Out of 255 issues traded, only 22 advanced, 224 declined and nine remained unchanged.
Short trading session for the holy month of Ramadan also contributed to the market fall.
A total of 46.40 million shares changed hands on the day against 60.83 million in the previous session. The trade deals also declined to 83,091 against 101,748 in the previous session.
Total market capitalisation of the DSE, declined to Tk 2,904.04 billion against Tk 2,929.23 billion in the previous session.
All sectors ended in the red zone, as market witnessed selling pressure all across the board.
Banking sector was down by 1.30 per cent, whereas NBFIs, insurance and fuel and power sectors lost 0.30 per cent, 1.50 per cent and 1.70 per cent respectively.
Other prominent sectors like pharmaceuticals and cement ended 0.90 per cent and 0.70 per cent lower respectively.
Grameenphone (GP), the most weighted share at the DSE, lost Tk 3.10 per share and closed at Tk 181.10.
Beximco Limited topped the turnover list with share worth Tk 184.25 million changed hands.
The other turnover leaders were United Airways, MJL Bangladesh, GP, City Bank, MI Cement, ONE Bank, Malek Spinning, Lafarge Surma Cement and Keya Cosmetics.
ICB AMCL Islamic Mutual Fund was the top gainer posting a rise of 3.36 per cent on the day.
It was followed by ICB AMCL First NRB Mutual Fund, Eastern Cables, International Leasing, ICB, Islamic Insurance, DBH First Mutual Fund, Desh Garments, First Janata Mutual Fund and National Tubes.
MJL Bangladesh Ltd was the day's top loser following its price adjustment after record date and lost 11.08 per cent.
It was followed by Sixth ICB, Eighth ICB, Eastern Lubricants, Fifth ICB, Apex Spinning, Federal Insurance, Reliance One, the first scheme of Reliance Insurance Mutual Fund, Phoenix Finance First Mutual Fund and BD Welding.
Market insiders said dearth of liquidity due to high demand for money ahead of Eid-ul-Fitr has kept the institutional buyers almost inactive, while small investors are watching the market movement.
The market resumed Tuesday, after National Mourning Day's holiday, and the DGEN lost more than 7.0 points within five minutes upon resumption of trading. The losing streak continued until the closure amid moderate ups and downs and finally ended 60 points lower.
The benchmark General Index of the DSE, the key index of the DSE, shed 60.02 points or 0.92 per cent to end the day at 6,112.27.
The broader All Shares Price Index (DSI) went down by 49.42 points or 0.97 per cent to close at 5,111.81. The DSE-20 Index comprising blue-chip shares also lost 24.01 points or 0.57 per cent to close at 4,126.54.
Total turnover value declined substantially and stood at Tk 3.54 billion in value terms, down by 19.46 per cent from Tk 4.39 billion in the previous session.
Market operators said liquidity crisis hit the market again and the current spell of volatility has already spread panic among the investors.
"The lower turnover value indicates the absence of active institutional participation at the moment which has translated into a visible lack of buying pressure," said a stock broker.
The small investors also seem to be suffered from lack of confidence at the moment, he added.
The traders were probably involved in netting trying to take advantage of intraday volatility by taking a directional view on the market for the day leading to the slow but steady sell-off, commented a merchant banker.
Market insiders said the index and the turnover are continuing to dip as a majority section of worried investors sold-off shares fearing further instability in the market, due to a host of reasons, including upcoming political unrest in the country.
Dearth of liquidity due to high demand for money ahead of festivity has kept the institutions almost inactive in the market now, commented LankaBangla Securities in its daily market analysis.
Retail investors remained in sideline for bargain hunting in next sessions, while profit booking by some investors ahead of festivity created supply side pressure, it added.
Share prices of most of the issues traded on the day declined. Out of 255 issues traded, only 22 advanced, 224 declined and nine remained unchanged.
Short trading session for the holy month of Ramadan also contributed to the market fall.
A total of 46.40 million shares changed hands on the day against 60.83 million in the previous session. The trade deals also declined to 83,091 against 101,748 in the previous session.
Total market capitalisation of the DSE, declined to Tk 2,904.04 billion against Tk 2,929.23 billion in the previous session.
All sectors ended in the red zone, as market witnessed selling pressure all across the board.
Banking sector was down by 1.30 per cent, whereas NBFIs, insurance and fuel and power sectors lost 0.30 per cent, 1.50 per cent and 1.70 per cent respectively.
Other prominent sectors like pharmaceuticals and cement ended 0.90 per cent and 0.70 per cent lower respectively.
Grameenphone (GP), the most weighted share at the DSE, lost Tk 3.10 per share and closed at Tk 181.10.
Beximco Limited topped the turnover list with share worth Tk 184.25 million changed hands.
The other turnover leaders were United Airways, MJL Bangladesh, GP, City Bank, MI Cement, ONE Bank, Malek Spinning, Lafarge Surma Cement and Keya Cosmetics.
ICB AMCL Islamic Mutual Fund was the top gainer posting a rise of 3.36 per cent on the day.
It was followed by ICB AMCL First NRB Mutual Fund, Eastern Cables, International Leasing, ICB, Islamic Insurance, DBH First Mutual Fund, Desh Garments, First Janata Mutual Fund and National Tubes.
MJL Bangladesh Ltd was the day's top loser following its price adjustment after record date and lost 11.08 per cent.
It was followed by Sixth ICB, Eighth ICB, Eastern Lubricants, Fifth ICB, Apex Spinning, Federal Insurance, Reliance One, the first scheme of Reliance Insurance Mutual Fund, Phoenix Finance First Mutual Fund and BD Welding.
Source: FE
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