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Dhaka stocks end slack week as investors hold breath

Star Business Report
Dhaka stocks finished down last week, as the market expected an inflow of newshares this week and in the coming weeks.
Operators said investors sold oil their holdings ahead of the share offloading of Navana CNG and 11’0 subscription of Dacca Dyeing and Manufacturing Company.
Navana CNG l imited, a sister con* cern of Navana Group, debuts on Dhaka and Chittagong stock exchanges today under direct-listing rules by offloading 1.81 crore ordinary shares with I k 10 each.
Also, the subscription of Dacca Dyeing IPO begins today to continue until September 3. The company will float 1.7 crore shares ol Ik 10 each to raiseTk 17 crore from market.
The trading of Marico Bangladesh will begin soon. The lottery for allotment of shares in the initial public offering of Marico Bangladesh was held yesterday.
The benchmark index of Dhaka Stock Exchange, DSE General Index, fell 50.22 points, or 1.66 percent, to 2,977.72. The DSE All Share Price Index dropped 44.84 points, or 1.76 percent, to2,501.71.
For the past couple of weeks, the market has been hovering around the 3,000 points mark. It seems it will be quite difficult for the market to break through this resistance level, analysts said.
The market was trading at a high
multiple PE of 18.34, said Equity Partners Limited (EPL), an investment firm, in its weekly analysis.
"During Hamadan, the market generally remains dull because of fewer trading hours," EPL said.
"Secondly, the market is expecting a significant inflow of new shares in the near future with companies such as Navana CNG, Marico and Grameenphone in the pipeline amongst others," it said.
Grameenphone has announced that its Tk 486.08 crore IPO subscription will begin on October 4.
News of the IPO subscription left an impact on the market last week, said a merchant banker. “It is commonplace that general retailers keep funds ready to participate in any IPO by selling off their holdings," he said.
Losers beat advancers 176 to 65. A total of 15,72,49,853 shares traded on the premier bourse, marking a 26.91 percent fall.
The banking sector went bearish last week. The market cap of the sector, which used to hold more than 50 percent of total market capitalisation, is now just above 30 percent.
The dwindling market share is not only because of newly listed companies in other sectors but also because of under-performance of the sector.
Mutual funds however advanced 3.91 percent. As mutual funds enjoy a 10 percent quota in every IPO, market reaction was positive toward them, which was reflected in average daily turnover.
Usually, average daily turnover for mutual funds was less than 2 percent of total turnover, which is currently more than 9 percent.
Non-bank financial institutions (NBFIs) also performed well. The sector increased 4.86 percent partly due to (he speculation over implementation of BASEL 11 by the sector. Under BASEL II, NBFIs will require to raise their capital, a phenomenon that was taken positively by investors.
Except for mutual funds and NBFIs, almost all other sectors saw a decline in value.
Both total and daily turnover declined 20.31 percent to Tk 2,900.80 crore andTk 580.16 crore last week.
Market capitalisation slid by 0.08 percent toTk 1,31,270crore.
Summit Alliance Port topped the turnover leaders with 7,26,350 shares worth Tk 163.08 crore being traded, which was 5.62 percent of the total turnover.
Chittagong stocks closed mixed last week. The CSE Selective Categories Index rose by 1.15 percent to 6,675.25 points. The CSE All Share Price Index declined by 0.3 percent to 10,450.06 points.
A total of 2,59,32,260 shares worth Tk 334.38 crore changed hands on the Chittagong Stock Exchange. Of the traded securities, 78 advanced, 105 declined and six remained unchanged.
Beximco topped the turnover leaders on the port city bourse with 27,93,855 shares worth Tk 80.72 crore being traded.