DSE turnover continues to rise though index falls

Dhaka stocks dropped yesterday right after a day's rise while turnover of the bourse rose. 

The DSEX, the benchmark index of Dhaka Stock Exchange (DSE), dropped 23 points, or 0.37 per cent, to 6,258.

The DS30, the blue-chip index, advanced 0.21 per cent to 2,210 while the DSES, the index that represents Shariah-based companies, increased 0.30 per cent to 1,367.

Turnover, an important indicator of the market, increased 3.77 per cent from that on the previous session to Tk 934 crore.

The Dhaka stocks slipped into the red after a single session's break as investors adopted a cautious stance amidst a gas prices hike, said International Leasing Securities in its daily market review.

The market started off on an upbeat note in the morning session but the trend reversed in the blink of an eye when the government announced hiking gas prices by up to 179 per cent for power, industries and commercial sectors.

The market observed heavy sales pressure in travel, paper, IT and cement sectors during the last two hours of the session that dragged down the broad index.

Among the sectors, life insurance rose 0.4 per cent and ceramic increased 0.3 per cent whereas travel fell 3.8 per cent and services dropped 3.7 per cent.

Investors' activities were mainly focused on the IT sector, which accounted for 17.1 per cent of the day's total turnover, followed by life insurance (13.4 per cent) and miscellaneous (13 per cent) sectors.

Among the companies to undergo trade, 49 advanced, 138 declined and 181 remained unchanged.

ICT service provider aamra networks posted the highest appreciation, rising 5.74 per cent, while Shinepukur Ceramics surged 4.41 per cent, Union Insurance Company 3.82 per cent and Dhaka Insurance and Sandhani Life Insurance Company by over 3 per cent each.

JMI Hospital Requisite Manufacturing suffered the biggest fall, sliding down 7.53 per cent. Bashundhara Paper Mills dropped 7.13 per cent while Navana Pharmaceuticals and Bangladesh Building Systems fell by more than 6 per cent each.

Genex Infosys was the most-traded stock on the day, with shares worth Tk 61 crore changing hands. Bangladesh Shipping Corporation, Bashundhara Paper Mills, Shinepukur Ceramics and aamra networks also saw a significant number of transactions.

The Caspi, the all-share price index of Chittagong Stock Exchange, fell 45 points, or 0.24 per cent, to end the day at 18,484.

Of the securities, 42 advanced, 82 declined and 103 did not show any price movement.

Turnover at the CSE dropped 57 per cent from that on the previous session to Tk 17.9 crore.