Dhaka stocks limp along in nervy trading

Dhaka stocks crawled to the positive zone on Tuesday despite a fall in share prices of two-thirds of scrips as a section of investors went for bargain hunting targeting bank and energy shares while many others remained cautious.
DSEX, the key index of Dhaka Stock Exchange, added 0.08 per cent, or 5.07 points, to close at 5,687.48 points on Tuesday after losing 40.66 points in the previous session.
The market opened with a positive vibe on the day but began to dip soon after before finishing with a slight gain amid some buying in late trading, market operators said.
They said a number of institutional investors went for bargain hunting on the day after a plunge in the previous day.
Besides, the media reported on Tuesday that the net foreign investment at DSE hit a 19-month high to settle at Tk 323 crore in February despite the negative movement at the market.
The positive movement of the overseas investment might draw attention of some investors, market operators said.
EBL Securities in its daily market commentary said, ‘An increase in the net foreign investment at the capital market pulled back the expectation about better market performance in the upcoming days.’
Share prices of bank, energy and textile sectors advanced by 2.0 per cent, 0.7 per cent and 0.1 per cent respectively on Tuesday after their recent fall.
Share prices of almost two-thirds of scrips declined for another session as investors remained cautious about the country’s financial sector, market experts said.
They said that the financial market had been struggling for funds in recent days that would eventually raise interest rate in the financial sector.
They said a section of investors were watchful as the financial companies were preparing for year-end financial announcement.
Average share prices of general insurance, non-bank financial institution, telecommunication and pharmaceutical sectors dropped by 3.5 per cent, 1.4 per cent, 0.6 per cent and 0.3 per cent respectively.
Stockbrokers said many investors remained concerned as directors of a number of companies including Monno Jute Stafflers and IFAD Autos announced that they would sell shares in the public market.
A three-year lock-in on ACME Laboratories directors’ 16.16 crore shares will end on March 16 and a nine-month lock-in on the institutional investors’ 25 lakh shares of ML Dyeing will end on March 12.
The turnover on the bourse plunged to Tk 575.18 crore on Tuesday from Tk 682.01 crore in the previous trading session.
Out of the 345 issues traded on the day, 191 declined, 109 advanced and 45 remained unchanged.
DSE blue-chip index DS30 gained 0.21 per cent, or 4.20 points, to close at 1,995.90 points.
Shariah index DSES, however, shed 0.38 per cent, or 5.00 points, to finish at 1,304.19 points.
Monno Ceramic Industries led the turnover leaders with its shares worth Tk 39.60 crore changing hands on the day.
United Power Generation Company, Premier Bank, Bangladesh Submarine Cable Company, National Polymer, Alif Industries, Singer Bangladesh, Square Pharmaceutical, Dutch-Bangla Bank and National Tubes were the other turnover leaders.
Dutch-Bangla Bank gained the most on the day with a 9.97-per cent increase in its share prices while Paramount Insurance Company was the worst loser, shedding 13.13 per cent.
Source: http://www.newagebd.net

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