Dhaka stocks again in negative territory

Sphere: Related Content Dhaka stocks inched down Monday amid heavy price fluctuation ending a two-day market rally.

Beginning with an upward trend, the trading at the Dhaka Stock Exchange (DSE) seesawed throughout the whole session.

The benchmark index, however, were in positive territory for about half an hour just starting of the mid session. Before recovering some points from around mid session, it lost 21 points at one stage because of selling pressure from the retail investors.

The benchmark DSE General Index (DGEN) closed at 2563.69 with a slight fall of 4.1 points. The All Shares Price Index (DSI) finished at 2132.56 with the meager drop of 3.42 points and the DSE-20 blue chip index ended at 2086.62 with the fall of 11.95 points.

The market could have fallen further, but the continuous buying support from the institutional investors helped the market end slightly down, according to stock brokers.

"The retail investors sold shares for booking profit while some who still remain wary about the market stability released shares for minimising the losses," said a stock broker requesting not to be named.

The DSE monitored the trading throughout the whole session to avert any big sale from the brokerage houses and make the market stable, sources said.

"The merchant bankers and brokers as well should play active role for boosting the sagging investors' confidence through motivating them," said Salahuddin Ahmed Khan, former DSE chief executive officer.

However, it is a positive sign for the market that the institutional investors were back in the market that saw downslide over the last six straight weeks, he added.

The top sellers among the financial institutions were AB Bank, Haji Ahmed Brothers Securities Limited, Shahjalal Islami Bank, Wifang Securities, CMS Securities, Moshihor Securities, LRK Securities, EPL and Shakil Rijvi Stock Limited.

The top buyers were ICB, Lanka Bangla, Multi Securities and Investment Limited, PFI, IDLC, NCC, SES Company, Al-Muntaha Trading Company, Dhaka Bank and Alliance Securities.

Through ICB, Sonali Bank, Janata Bank, Agrani Bank and Sadharan Bima Corporation continued to buy shares for the third straight day, helping keep the market afloat.

The total turnover increased to Tk 2.88 billion against the previous day's Tk 2.63 billion while the market capitalisation remained steady at Tk 994.52 billion.

Titas Gas was the turnover leader for the third consecutive day with shares worth Tk 138.02 million traded on the day.

The next other turnover leaders were Golden Son, EHL, Beximco Pharma, Aftab Automobiles, Keya Detergent, BSRM Steel, Atlas Bangladesh, Beximco and S Alam Cold Rolled Steel Mills Limited.

Rahman Chemical, a low profile Z-category issue, had the day's biggest gainer posting a rise of 17.20 per cent.

The other next top gainers were Purabi General Insurance, BSRM Steel, BD Autocars, Padma Cement, BLTC and Jute Spinning.

The top losers were Sreepur Textile, Quasem Textile, Ranga Food, Saleh Carpet, Alpha Tobacco, Alamin Chemical and Bengal Fine.