Tk 3,528cr wiped off DSE in a week
Dhaka Stock Exchange lost Tk 3,528.19 crore, or 0.90 percent, from its market capitalisation in the last seven working days as institutional investors preferred small-cap and junk stocks over the good ones.
The DSEX, the benchmark index of the premier bourse, declined 19.09 points, or 0.35 percent, finishing the day at 5,380.78. In the last seven trading sessions, it lost 75.03 points.
Market insiders said most of the institutional investors are not in a buying mood and are rather observing the situation ahead the upcoming national election.
Only the Investment Corporation of Bangladesh (ICB), a state-owned investment agency, is continuing to support the market, preventing the key index from falling hugely. The ICB officials said they do not have enough capacity to provide support, so it is going to issue a bond worth Tk 2,000 crore to strengthen its capacity to give the market a leg up.
“The stockmarket is now a scrip-based market -- some certain shares are seeing more turnover and movement almost every day while others are not,” said the managing director of a brokerage house requesting anonymity.
He said gamblers were playing with some stocks and general investors were also rushing for them.
The managing director said though the turnover was not bad in the market, most of the money was going to junk stocks or speculative securities. But this investment is not reflected in the key index, he added. Junk stocks topped the list of the highest gainers yesterday as usual.
Kay & Que, one of the junk stocks, soared 9.98 percent, the most gain by any issue on the day, the DSE data showed.
Other junk stocks such as Dulamia Cotton rose 9.60 percent, Northern Jute 8.73 percent, Jute Spinners 7.49 percent and Meghna Milk 7.10 percent.
Turnover was up 3.8 percent to Tk 511.44 crore. Some 13.07 crore shares and mutual fund units changed hands. Of the traded issues, 96 advanced, 183 declined and 57 closed unchanged on the premier bourse.
United Power Generation dominated the turnover chart with 12.19 lakh shares worth Tk 42.89 crore changing hands, followed by Khulna Power Generation, Dragon Sweater and Summit Power Generation.
Kay & Que was the day's best performer while Fine Foods was the worst loser, shedding 9.79 percent.
Chittagong stocks also fell with the bourse's benchmark index, CSCX, declining 42.25 points, or 0.49 percent, to finish the day at 10,022.19.
Losers beat gainers as 137 declined, 61 advanced and 34 finished unchanged on Chittagong Stock Exchange. The port city bourse traded 70.52 lakh shares and mutual fund units worth Tk 18.86 crore.
