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Dhaka stocks finish lower PDF Print E-mail
Tuesday, 03 June 2008

Bdnews24.com

Dhaka stocks closed lower Monday after three days of gains amid a massive index correction with prices of majors in banks and pharmaceuticals going down.

Despite the fall in indices, market analysts termed the day's trading normal.

Banks that had gone up substantially recently induced huge sell-offs by investors to lock in profits, analyst Yaweer Sayeed told bdnews24.com.

The turnover board consisted of a mixed portfolio of banks, non-bank financial institution, pharmaceuticals, insurance, textile which indicates investor confidence in the market, he added.

"It also shows trading was quite healthy," said Sayeed, CEO of AIMS of Bangladesh.

Speaking on a note of the state of market, he said higher demand in the wake of poor supply of scrips led the market to overheat.

"The market is overheated for quite some time. There is huge demand for shares. What is happening is, too much money is running after too few shares," said the top official of the private asset management company.

The DGEN or general index fell about 83 points on the opening bell and maintained more or less stable throughout the day with slight gains and losses to end 88.86 points or 2.77 percent lower at 3119.03 from the previous day.

The DSI or all-share price index ended on 2716, slumping 68.60 points or 2.52 percent while the bourse's blue chip DSE-20 lost 33.37 points or 1.28 percent to 2569.13.

Turnover on the country's prime bourse surged to Tk 3.94 billion from Tk 2.34 billion through 22,212,340 shares changing hand.

AB Bank topped the turnover board, falling 61.75 percent at Tk 1313.

AIMS 1st Mutual Fund, second in line, ended 0.72 percent higher at Tk 23.66.

Market major Square Pharmaceuticals ended on Tk 5295.50, down 1.88 percent after gaining the previous day.

Union Capital lost 11.15 percent to Tk 144.90 while IPDC advanced 14.49 percent to Tk 703.75.

Among the other scrips—Brac Bank, Square Textiles and UCBL—lost on profit-taking.

Buying pressure led Lanka Bangla Finance and Eastland Insurance to finish higher.

Indices on the Chittagong Stock Exchange ended higher except for blue chips paced by gains in leasing and finance, insurance and ceramic shares.

The CSCX or selective categories index rose 16.11 points or 0.27 percent to 5949.42 while the CASPI or all-share price index ended on 9215.91, rising 16.71 points or 0.18 percent.

The CSE-30 blue-chip index however, lost 10.88 points or 0.13 percent to finish at 8068.94.

Turnover on the port city's bourse edged down to Tk 504.60 million from Sunday's Tk 554.34 million from 4,196,014 traded shares.

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