Stocks continue to decline

Print Edition

User Rating: / 0
PoorBest 

Stock Market

Friday, 20 May 2011

Author / Source : Staff Reporter

Dhaka, May 19: Dhaka stocks declined for the second consecutive session in the continued fluctuating market on Thursday with investors’ participation falling. The benchmark DSE General Index (DGEN) closed at 5718.61, shedding 42.54 points or 0.73 per cent, hitting highest 5770.21 in the morning and lowest 5707.01in the final session.
The market moved between positive and negative throughout the session as most investors still remained jittery over the market’s stability in near future, dealers said. They also said the market has been feeling the hit of liquidity shortage as the call money rate soared in the money market.
The call rate ranged between 8.0 per cent and 12 per cent on the day against 6.0-8.0 per cent witnessed on the previous working day, according to the market operators. Trading activity remained lacklustre as many investors still preferred to stay in sidelines amid concern over liquidity shortage in the market, said a stockbroker.
Turnover value stood at Tk 4.30 billion, down by 6.30 per cent over the previous session.
Most sectors closed red. Banks, the market’s bellwether, declined 0.98 per cent, financial institutions 0.92 per cent, pharmaceuticals 0.41 per cents and power 1.08 per cent.
Grameenphone, the most weighted shares and lone listed company in the telecommunications sectors, shed 1.91 per cent after ending flat in the previous session. But the insurers gained the ground with general insurance rising 0.62 per cent and life 2.14 per cent. The main index lost in the two consecutive sessions after the appointment of SEC chairman as part of stock market reformations, said a stockbroker.
Losers beat strongly the gainers as out of 256 issues traded, 100 gained, 149 declined and seven remained unchanged. 
The debutant Barakatullah Electro Dynamics Ltd (BEDL), which was the highest gainer, closed at Tk 72.8 per share, up by 21.3 per cent on its offer price of Tk 60 per share. Its share prices rose its peak at Tk 91 a share.