Dhaka stocks end marginally lower
Dhaka stocks edged marginally
lower Monday amid volatile trading with fall in turnover value, as the
investors booked profit at the later part of the trading session.The market
analysts said the market fell due mainly to profit taking on heavy weight
banking stocks, as the reports on operating profits of the listed banks were
published in various newspapers."Despite some banks registered impressive
growth on a year to year basis, the investors' response to the banking stocks
for the day was rather negative," said a market analyst.The baking sector
which contributed about one-third to the total market capitalisation lost 1.58
per cent which was mainly responsible for dragging the DGEN in the negative
territory.The market shot up almost 50 points during the first 20 minutes of
trading, before sell pressure in banking sector which spread all across the
board to some extent saw the index slide down and eventually end the session
negative.The benchmark general index of the Dhaka Stock Exchange-DGEN, the
yardstick of the market, slipped 18.33 points or 0.34 per cent to close at
5,333.42.The broader DSE All Shares Price Index (DSI) went down by 16.95 points
or 0.38 per cent to close at 4,442.04. The DSE-20 blue-chip index also declined
12.51 points or 0.31 per cent to close at 3,946.32.Mr Yawer Sayeed, managing
director and CEO of AIMS of Bangladesh, the first private asset management
company, said mainly profit taking pulled the market down.However, he said the
investors should not worry about it as it is a normal price correction."The
banking sector's price correction also encouraged traders to book profit in
other sectors in a bid to restructure their individual portfolio,"
commented Mr Akter H Sannamat, former managing director of Prime Finance and
Investment Ltd.However, he said the bank's operating profit does not reflect on
the bank's net profit and the investors should not be panicked about it.Meanwhile,
four more sponsors/directors of four companies expressed their willingness
Monday to buy shares of their respective companies at prevailing market price
through stock exchange within next 30 working days.Turnover value declined to
Tk 5.94 billion in value term, down by 11.34 per cent compared to Tk 6.70
billion in the previous session.However, prices of most of the issues increased
on the day, as out of 264 issues traded, 144 advanced, 110 declined and 10
remained unchanged.
