Stocks face major corrections to open week

DSEX ends 117.79 points down at 5,500.85 hitting the largest fall in the past 46 months

Stock faced major corrections yesterday to open the week amid a cautious move when the central bank was unveiling its new monetary policy statement (MPS) for the second half of the current 2016-17 financial year, reports BSS.
The indices in both the stock exchanges of the country have dropped sharply within hours of a warning sounded by the Bangladesh Bank in its monetary policy announcement.
Mentioning the recently bouncing trend of the capital market, Bangladesh Bank governor said BB has tightened monitoring to ensure that the banks abide by statutory limits on their capital market exposures.
All the indices at Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) nosedived to finish the week’s opening session in red, with the securities incurring losses across the board.
The broader DSEX index of DSE ended 117.79 points down at 5,500.85. The fall in the DSEX was the largest in the past 46 months. The blue-chip DS30 ended 35.23 points lower at 2,003.24 when the Shariah DSES was 17.70 points down at 1,274.78.
“The sharp fall in the index was accompanied by decreased activity, with market turnover value and trading volume decreasing by 10.4 per cent and 12.6 per cent respectively,” according to Lanka Bangla Securities Limited.
Share prices of 275 companies suffered correction in their prices after continuous gains in the past few sessions, taking the market indices and transactions to a new high.
Only three small-cap sectors - paper and printing, ceramic and tannery managed to stay in green while NBFI, general insurance and banks were among the top losing sectors with 4.55 per cent, 3.82 per cent and 3.58 losses respectively.
The day’s major losers were SP Ceramic, Aziz Pipes, Beximco Synthetic, PLFSL and Savar Refectories. The major gainers included Anlima Yarn, GHAIL, Apex Foods, Hakkani Pulp and Monno Ceramic.
Beximco topped the turnover leaders followed by ACI, Islami Bank, RSRM Steel and Acme Lab. The daily trade value plunged to Tk 1,137.15 crore, which hit the record of Tk 3,249.57 crore on January 5 this year. Similarly, the trade volume sunk to 31.41 crore shares from its highest record of 70.34 crore shares on January 23. Like DSE, CSE suffered loss to open the week, with its major CASPI index shedding 411.11 points to finish at 16,987.17.
The market was under sell pressure on the day, resulting price fall of majority of the traded issues.
Out of the day’s 263 issues traded, only 38 advanced against 219 losing securities when the daily trade value fell to Tk 68 crore from Thursday’s Tk 72.43 crore. The trade volume, however, marginally rose to 24.71 crore shares.

 

Stocks face major corrections to open week

DSEX ends 117.79 points down at 5,500.85 hitting the largest fall in the past 46 months

Stock faced major corrections yesterday to open the week amid a cautious move when the central bank was unveiling its new monetary policy statement (MPS) for the second half of the current 2016-17 financial year, reports BSS. The indices in both the stock exchanges of the country have dropped sharply within hours of a warning sounded by the Bangladesh Bank in its monetary policy announcement. Mentioning the recently bouncing trend of the capital market, Bangladesh Bank governor said BB has tightened monitoring to ensure that the banks abide by statutory limits on their capital market exposures. All the indices at Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) nosedived to finish the weeks opening session in red, with the securities incurring losses across the board. The broader DSEX index of DSE ended 117.79 points down at 5,500.85. The fall in the DSEX was the largest in the past 46 months. The blue-chip DS30 ended 35.23 points lower at 2,003.24 when the Shariah DSES was 17.70 points down at 1,274.78. The sharp fall in the index was accompanied by decreased activity, with market turnover value and trading volume decreasing by 10.4 per cent and 12.6 per cent respectively, according to Lanka Bangla Securities Limited. Share prices of 275 companies suffered correction in their prices after continuous gains in the past few sessions, taking the market indices and transactions to a new high. Only three small-cap sectors - paper and printing, ceramic and tannery managed to stay in green while NBFI, general insurance and banks were among the top losing sectors with 4.55 per cent, 3.82 per cent and 3.58 losses respectively. The days major losers were SP Ceramic, Aziz Pipes, Beximco Synthetic, PLFSL and Savar Refectories. The major gainers included Anlima Yarn, GHAIL, Apex Foods, Hakkani Pulp and Monno Ceramic. Beximco topped the turnover leaders followed by ACI, Islami Bank, RSRM Steel and Acme Lab. The daily trade value plunged to Tk 1,137.15 crore, which hit the record of Tk 3,249.57 crore on January 5 this year. Similarly, the trade volume sunk to 31.41 crore shares from its highest record of 70.34 crore shares on January 23. Like DSE, CSE suffered loss to open the week, with its major CASPI index shedding 411.11 points to finish at 16,987.17. The market was under sell pressure on the day, resulting price fall of majority of the traded issues. Out of the days 263 issues traded, only 38 advanced against 219 losing securities when the daily trade value fell to Tk 68 crore from Thursdays Tk 72.43 crore. The trade volume, however, marginally rose to 24.71 crore shares.