Dhaka stocks hit 3-month low as sell-offs resume

Dhaka stocks hit a three-month low on Wednesday as investors continued selling shares amid concern over liquidity shortage in the financial sector.
DSEX, the key index of Dhaka Stock Exchange, shed 0.49 per cent, or 27.58 points, to close at 5,502.48 points on Wednesday after gaining 17.99 points in the previous session.
The core index posted its lowest after January 2 when it was at 5,496.43 points.
After opening positive, the market began to fall sharply to end the session in the negative trajectory as investors continued selling shares amid the ongoing crisis in the financial sector, market operators said.
They said that the market had been going through a tough time due mainly to the liquidity crisis in the financial sector.
Some investors became worried as a number of banks declared poor dividends for the year 2018, they said.
The average share prices of non-bank financial institution, bank, telecommunication and energy sectors dropped by 0.91 per cent, 0.9 per cent, 0.22 per cent and 0.2 per cent respectively.
Out of the traded 30 bank issues, 22 declined, five advanced and three remained unchanged.
EBL Securities in its daily market commentary said, ‘Investors were reluctant to put fresh funds on stocks that resulted in a three-month low turnover.’
Market operators said the recent downward trend at the market made investors worried and they (investors) were hesitating to make investment decisions.
DSEX dropped on Wednesday to extend its recent fall to about 7.45 per cent or 447 points that wiped out about Tk 9,421 crore in market capitalisation.
The turnover on the bourse went down to Tk 353.40 crore on Wednesday from that of Tk 385.77 crore in the previous trading session.
Wednesday’s turnover was the lowest after December 18 last year when it was Tk 334.09 crore.
Among the large capitalised scrips, the share prices of British American Tobacco, Square Pharmaceuticals, LafargeHolcim Bangladesh and Grameenphone declined most.
Out of the 345 issues traded on the day, 165 declined, 121 advanced and 61 remained unchanged.
DSE blue-chip index DS30 dropped by 0.57 per cent, or 11.32 points, to close at 1,968.74 points.
Shariah index DSES declined by 0.35 per cent, or 4.59 points, to finish at 1,281.73 points.
British American Tobacco led the turnover leaders with its shares worth Tk 46.80 crore changing hands on the day.
Monno Ceramic Industries, Square Pharmaceuticals, Singer Bangladesh, Grameenphone, United Power Generation Company, JMI Syringes & Medical Devices, BRAC Bank, Indo-Bangla Pharmaceuticals and Khulna Power Company were the other turnover leaders.
Monno Ceramics gained the most on the day with an 8.15 -per cent increase in its share prices while Vanguard AML BD Finance Mutual Fund One was the worst loser, shedding 6.57 per cent.
Source: http://www.newagebd.net

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