DSE turnover sees 15.6pc rise
The market ended flat Monday amid volatile trading throughout the session with increasing participation as investors' profit taking tendency wiped-out early gains.
The General Index of the Dhaka Stock Exchange (DGEN) ended at 4,559.38, gaining less than a single point as the market went through a minor correction due to excessive profit taking tendency.
The new benchmark index DSEX, however, declined 14.86 points or 0.34 per cent to close at 4,263.23 while the blue chip index DS30 gained 1.17 points or 0.07 per cent to close at 1,600.32 points.
The market saw higher market participation as total turnover on DSE stood at Tk 9.91 billion, an increase of 15.6 per cent over the previous session's value.
Meanwhile, fuel and power companies continued to record highest turnover for the twelve consecutive sessions, accounted for 21.64 per cent of the total DSE turnover over imminent corporate declarations.
"Though market ended flat, growing participation helped to absorb sell pressure like last few sessions," commented IDLC Investments, in its daily market analysis.
"Scrip wise movement was also observed centering holy Ramadan as some fresh positioning and repositioning took place. Amid this repositioning, investors appeared to switch from banking sector to fuel and power and textile sectors," the merchant bank said.
"The market saw both the extremes of bullishness and bearishness in the same day. Some of the stocks were trading at the upper band of their circuit breaker, while others were contributing to the decline of the market," stated the Lanka Bangla Securities.
"The session's boost in turnover was a significant indication of market's high tendency for a sustainable bull run. The ongoing correction couldn't be severe due to market's high level of strength which absorbed the excessive sell pressure," stated Zenith Investments.
As the earnings announcements are approaching, both the demand and supply sides are being more active and dynamic. Turnover is now at a comfortable level but in order to exceed such level, the Zenith analysis said.
"The way market is showing its latent strength, a well built run might appear anytime soon given that the political stability and market liquidity stays as they are now," the Zenith analysis added.
Most of the traded stocks, however, lost in prices as out of 290 issues traded, 173 declined, 96 advanced and 21 remained unchanged in the primer bourse.
The major sectors had mixed performance. NBFIs advanced the most with 1.17 per cent gain as ICB alone gained 5.0 per cent. It was followed by fuel and power which gained 0.44 per cent.
The other big sectors like banks, pharmaceuticals and telecommunications were down by 1.75 per cent, 0.16 per cent and 0.06 per cent respectively.
Activities increased in the prime bourse. A total of 0.195 million trades were executed with 206.34 million securities of trading volume.
The market capitalization of the DSE stood at Tk 2,615.27 billion against Tk 2,616.65 billion in the previous trading session.
United Airways became the top turnover leaders with shares worth Tk 871.96 million changing hands followed by Olympic Industries, BSCCL, Padma Oil and Meghna Petroleum.
JMI Syringes and Medical Devices continued to dominate the top gainer chart for the several sessions, posting a rise of 9.96 per cent while Third ICB was day's worst loser, slumping by 7.74 per cent.
The Chittagong Stock Exchange (CSE) also ended flat with the Selective Categories Index declined 13.78 points to close at 8,402.07 points.
Losers beat gainers 137 to 69, with eight issues remaining unchanged on the port city bourse that traded 19.06 million shares and mutual fund units, turnover value of Tk 732.17 million.
