Dhaka stocks fall on concern about financial sector

Dhaka stocks returned to the negative zone on Tuesday as investors went for selling shares especially financial scrips ahead of their corporate declarations.
DSEX, the key index of Dhaka Stock Exchange, lost 0.29 per cent, or 17.15 points, to close at 5,738.64 points on Tuesday after gaining 41.52 points in the previous session.
Market operators said the market finished in the negative trajectory as investors went for selling financial scrips.
Share prices of bank and non-bank financial institution dropped by 0.70 per cent and 0.62 per cent respectively.
Out of the 30 traded bank scrips, 23 declined, just three advanced and four remained unchanged while out of the 23 NBFIs, 18 declined, just three advanced and two remained unchanged.
Market operators said participation of investors declined as many investors were reluctant to make fresh investments in stocks.
They also said that many investors followed a wait-and-see strategy ahead of earnings and dividend declaration by banks and NBFIs.
Moreover, investors were uncertain about any extension of the deadline for adjusting advance deposit ratio by banks, they said. The current deadline is on March 30.
EBL Securities in its daily market commentary said, ‘Bank and financial institution sectors experienced price corrections due to recent uncertainty, poor governance and NPL issue.’
The average share prices of engineering, textile and energy sectors also dropped on the day.
General insurance, pharmaceuticals and telecommunication advanced by 2.0 per cent, 0.7 per cent and 0.3 per cent respectively.
The turnover on the bourse dropped to Tk 679.45 crore on Tuesday from Tk 718.24 crore in the previous trading session.
Out of the 345 issues traded on the day, 194 declined, 113 advanced and 39 remained unchanged.
DSE blue-chip index DS30 shed 0.11 per cent, or 2.33 points, to close at 2,014.40 points.
Shariah index DSES declined by 0.01 per cent, or 0.22 points, to finish at 1,319.72 points.
Square Pharmaceuticals led the turnover leaders with its shares worth Tk 39.99 crore changing hands on the day.
United Power Generation Company, Fortune Shoes, Monno Ceramics, Sonar Bangla Insurance, Bangladesh Submarine Cable Company, Khulna Power Company, BRAC Bank, Grameenphone and Legacy Footwear were the other turnover leaders.
Takaful Islamic Insurance gained the most on the day with a 9.86-per cent increase in its share prices while Emerald Oil Industries was the worst loser, shedding 9.90 per cent.
Source: http://www.newagebd.net

Tags :

Share this news on:

Previous Story

Archive