FE Report
After three gaining sessions, the market witnessed correction Thursday amid choppy trading with turnover rose slightly as investors bagged some profit on the manufacturing and banking stocks.
Meanwhile, Far East Knitting & Dyeing Industries, which made debut Thursday, topped the gainers' chart with gaining 68.14 per cent. Each share of the company traded between Tk 48.5 and Tk 39 on the prime bourse before closing at Tk 45.4. A total of 8.65 million shares changed hands, generating a turnover of Tk 393.97 million.
Far East Knitting & Dyeing floated 25 million ordinary shares of Tk 10 each at an offer price of Tk 27, including Tk 17 as premium and raised a fund worth Tk 675 million through IPO.
The market showed a lack of direction on early trading after showing a strong move to upside over the past previous sessions. DSEX, the prime index of the Dhaka Stock Exchange (DSE) ended at 4,577.99 points, shedding 21.47 points or 0.46 per cent.
The other two indices also ended in the red. The DS30, comprising blue chips lost 8.45 points or 0.48 per cent to close at 1,726.47 points. The DSE Shariah Index dropped 7.42 points or 0.69 per cent to close at 1,066.12 points.
The total turnover on DSE improved to Tk 6.328 billion, registering an increase of 9.34 per cent over the previous session's value of Tk 5.78 billion.
The investors' activity was mainly focused on engineering, pharmaceuticals, textile and fuel & power - the sectors that, accounted for 16.44 per cent, 16.02 per cent, 13.04 per cent and 11.07 per cent respectively of the day's total turnover.
"Investors were busy at bagging profit on the manufacturing and banking stocks as some large cap stocks offered good return in this week," commented LankaBangla Securities in its regular market analysis.
"Wavering pattern of the DSEX portrayed the investors' indecisive attitude," said International Leasing Securities.
However, some particular scrips like BATBC, Marico and Beximco performed well whereas GP, Square Pharma and Lafagre Surma Cement witnessed price correction to some extent, said the International Leasing.
IDLC Investments said: "Market remained shy around 4,600 points 'psychological' level, pondering on the valuation level".
However, caution reined Thursday, summoning profit-taking spree while the debutant Far East Knitting & Dyeing remained unyielding as the debutant gained 68.15 per cent, said the merchant bank.
Having last day's sharp fall in turnover, activities escalated to Tk 6.32 billion, primarily due to the listing of debutant Far East Knitting & Dyeing. The new entrant in textile sector second highest in the turnover chart, said the merchant bank.
Most of the sectors endured loss with textile performed worst as it lost 1.56 per cent. Telecommunication and fuel & power went down by 1.37 per cent and 1.01 per cent respectively.
Banks and pharmaceutical also closed lower with losing 0.64 per cent and 0.16 per cent respectively. NBFIs edged down marginally by 0.09 per cent while food & allied gained by 3.86 per cent.
The losers took a lead over the gainers as out of 300 issues traded, 150 declined, 110 advanced and 40 remained unchanged on the DSE floor.
Activities increased in the major bourse (DSE) where trade and volume were up by 34.09 per cent and 4.73 per cent respectively. A total of 0.164 million trades were executed with 152.44 million securities of trading volume.
The total market capitalisation on DSE stood at Tk 3,030.89 billion against Tk 3,034.46 billion in the previous session.
Beximco continued to top the turnover chart for the seven straight sessions with shares worah Tk 486.15 million changing hands followed by East Knitting & Dyeing, Golden Son, Beximco Pharma and BD Building.
The port city bourse, Chittagong Stock Exchange (CSE) also closed lower with its Selective Categories Index - CSCX - lost 22.58 points to close at 8,658.38 points.
Losers beat gainers 121 to 72, with 34 issues remaining unchanged at the port city bourse that traded 15.50 million shares and mutual fund units, turnover value of Tk 545.04 million.
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