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Stocks pass second week in the red

Star Business Report
• Dhaka stocks were in the red for a second week, with most investors participating in the trade of manufacturing sector shares trade instead of high capitalisation banking sectors.
For the last one-month, the investors were showing interest mainly in the manufacturing companies, especially Beximco group shares, while they show least interest in the banking sector, which accounts for more titan 50 percent of the total market capitalisation, according to market analysts.
Despite Bangladesh Bank’s accommodative monetary policy, the banking sector shed about 5.5 percent and failed to attract retail investors' attention, they said.
The analysts further pointed out that the banks' profit figure might be lesser than expected, as those will put their efforts to adjust the financials in accordance with the Basel II requirement.
A large number of Z category (junk stock) shares appreciated significantly. A few of the companies belonging to this category announced dividend which pulled up prices of others as the market is speculating that others are going to follow suit and declare dividend for the year 2008.
“The price-drop of banking sector
along with the price hike of Z category companies indicates an unhealthy situation in the market. The lack of participation from institutional investors is the prime reason for this," said an analyst.
The benchmark index of the Dhaka Stock Exchange, DSE General Index (DGEN), fell 65.09 points, or 2.36 percent to 2,695.58 points on week-on-week basis. The DSE All Share Price Index also shed 52.63 points, or 2.31 percent to 2,227.16 points on Thursday, the last trading day of the week.
The total turnover, however, rose 5.63 percent last week, with one more trading day than the previous week. The total turnover was Tk 1,721.29 crore last week against Tk 1,629.57 crore the previous week.
The daily average turnover however declined by 15.5 percent to Tk 344.25 crore fromTk407.39 crore.
A total of 15,57,90,217 shares were traded on tire DSE last week against 13,59,47,608 shares the previous week, which was 14.6 percent up.
Majority of the securities traded down on tire prime bourse throughout the week. Of the 264 traded issues, 104 advanced, 158 declined and two remained unchanged.
Total market capitalisation dropped by 1.79 percent to Tk 1,02,467.14 crore from Tk 1,04,339.03 crore.
Titas Gas topped tire turnover leaders. A total of 34,09,350 Titas shares worth Tk 175.94 crore were traded, which was 10.22 percent of the lota) turnover.
The oilier turnover leaders were Shinepukur Ceramics, Beximco, Summit Power, Beximco Pharma, Grameen Mutual Fund One: Scheme Two, AIMS 1st Mutual Fund, ACI Formulations, Summit Alliance Port and Keya Cosmetics.
Chittagong stocks also marked a fall. The CSE Selective Categories Index declined 1.09 percent to 5,430.04 points. The CSE All Share Price Index also fell 1.11 percent to 8,331.6 points.
A total of 2,88,13,782 shares worth Tk 246.66 crore changed hands on the Chittagong Stock Exchange last week against 3,22,85,745 shares worth Tk 290.71 crore the previous week.
Of the 174 securities traded on the port city bourse, 72 advanced, 94 declined and eight remained unchanged.
Beximco topped the turnover leaders on the CSE with 13,50,323 traded shares worth Tk 27.24 crore. The other turnover leaders were Shinepukur Ceramics, Beximco Pharma, Titas Gas, Summit Power, AIMS 1st Mutual Fund, Grameen Mutual Fund One: Scheme Two, ACI Formulations, Bextex and Maksons Spinning.