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DSE ends red due to market capitalisation

WT24 Desk

Dhaka – Broad index at the country’s premier bourse, Dhaka Stock Exchange (DSE) closed the week 55 points lower than the previous week as the investors stayed in the sideline monitoring market capitalisation, UNB reports.  The daily average turnover at the DSE was Tk 619.97 crore, a down by Tk 207.52 crore or 25.08 percent while last week’s average turnover was Tk 827.49 crore.

The DSE benchmark index, DSEX, closed the week at 4808.87 points, 55.58 points or 1.14 percent lower than the last week. DSEX closed the previous week at 4864.45 points, gaining 72.14 points or 1.51 percent. The DSEX Shariah Index, DSES, closed the week at 1191.01 points dropping 6.08 points or 0.51 percent. Another index of DSE, DS30 slumped 27.44 points or 1.45 percent to close at 1859.40 points on the previous week.

Analysing last week’s market situation, LankaBangla Securities said, “Market eroded 55 points this week as investors remained cautious whereas 4800 level acted as a strong resistance level for the benchmark index this week.” The leading stockbroker also said, “Investors remained in the sideline and observed market movement. Average daily turnover was 25.1 percent down from previous week. Almost all of the major sectors ended down this week in terms of market capitalization. However, textile stocks were up by 1.3 percent this week.”

Referring to Bangladesh Bank data, the merchant bank said, “Among the major news in the money market, scheduled banks cut rates of interest on lending again in June as the businesspeople continued to show reluctance in receiving loans from the banking sector due stagnant business caused by political uncertainty.” According to the latest BB data, they also added, “The weighted average interest rate on lending in the banking sector declined to 11.67 percentage points in June from 11.82 percentage points in May of 2015”.

Of the 325 issues traded at the DSE on last week, 104 gained, 200 suffered loss and 21 remained unchanged.  The top losing sectors at the DSE were Miscellaneous losing 3.86 percent, General Insurance 2.90 percent and Telecommunication 2.19 percent. The major gaining sectors of the week were Textile gaining 1.27 percent, Engineering 0.86 percent and Tannery 0.31 percent.

Top 10 losers at the DSE on the last week were Sandhani Life Insurance losing 19.15 percent, followed by 4th ICB Mutual Fund 14.84 percent, Beach Hatchery 14.04 percent, 2nd ICB Mutual Fund 11.18 percent, 6th ICB Mutual Fund 9.66 percent, BD Welding Electrodes 9.23 percent, 8th ICB Mutual Fund 8.25 percent, Information Services Network 7.41 percent, Northern General Insurance 7.34 percent, and First Bangladesh Fixed Income Fund 7.14 percent.

United Power Generation & Distribution Company dominated the week’s top turnover chart with shares worth Tk 176.09 crore, followed by Islami Bank Tk 91.78 crore, Lafarge Surma Cement Tk 83.44 crore, Far Chemical Industries Tk 81.58 crore and Shahjibazar Power with shares worth Tk 79 crore. The week’s top five gainers were Northern Jute Manufacturing with a gain of 27.27 percent, followed by CVO Petrochemical Refinery 11.07 percent, Apex Tannery 10.18 percent, Kohinoor Chemicals 8.84 percent and Saiham Cotton Mills 8.54 percent.

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