Stocks remain sluggish for the second day after launching of new trade tool
DHAKA, Dec 14, 2014 Nirapad News : Trading at Dhaka Stock Exchange (DSE) remained sluggish for the second consecutive day on Sunday after launching of the new trading system.
DSE on Thursday launched the new automated trading system namely Go Live, expecting the new system would drive turnover upward as it offers online trading of shares at investors’ convenience besides ensuring secure and transparent share transactions.
The market, however, responded cautiously to the new trading tool, resulting in fall in all indicators, including price indices and trade volume and value. The day the new tool was introduced, market finished in the negative with the broader DSEX index closing near flat at 4933.03.
The downbeat extended at Sunday’s opening and sustained throughout the session to close the benchmark index below 4900-point mark at 4892.95. The blue-chip DS30 and the Shariah DSES also ended in red at 1808.05 and 1150.39 respectively.
The market clearly favoured buyers with 170 issues losing prices across the board against 103 advancing and 33 static scrips.
Banking and non-banking financial institutions (NBFIs) stocks battered most with 1.17 and 0.21 percent loss in market capitalisation when cement and IT gained by 1.07 percent and 1.36 percent respectively.
“Market passed another sluggish trading session and slumped to two weeks’ low as investors upheld cautious mode and taking time to be accustomed to the new trading system,” said Lanka Bangla Securities Limited.
Despite their skepticism about the new market tool, investors were seemingly looking for some breathing spaces in cross-sectors that included IT, textile, service, telecom and pharmaceuticals. Subsequently, Agni System topped the most traded issues with RN Spinning, SA Port, GP and Beximco Pharma among the five leaders in trade value.
Activities increased on Sunday compared to that of on Thursday when trade value and volume rose by 46.53 percent and 64.73 accordingly. The total turnover, however, remained at a low level as only 5.60 crore shares worth Taka 200 crore changed hands at the first session of the week.
The day’s major gainers were also from sundry sectors such as engineering, IT and miscellaneous. Miracle Industries was the most advancing issue of the day followed by Western Marine Shipyard, KBPPWBIL, Shurid Industries and Agni system.
The major losing issues were Jamuna Oil, SPCL, Prime Life, Beacon Pharma and Premier Bank.