Most stocks left without buyers

Most stocks on Dhaka Stock Exchange (DSE) were left without a buyer yesterday over convictions that those were not deserving of the prevalent prices and the figures would have further dropped had the floor price been not in place. 

The Bangladesh Securities and Exchange Commission (BSEC) last July set the floor price of every stock to halt the free fall of the market indices amidst global economic uncertainties that have impacted Bangladesh's economic indicators in the last couple of months.

Of the securities, 123 increased, 107 decreased and 141 remained unchanged, or in other words, did not find any buyer. The number of such companies failing to find buyers for their stocks have been increasing for the last couple of days.

However, after daylong fluctuations, stocks in Dhaka rose near the end of trading hours.

The DSEX, the benchmark index of the DSE, closed at 6,515, up 27 points, or 0.42 per cent.

The DS30, the index that consists of blue-chip companies, edged up 0.56 per cent to 2,346, while the DSES, the Shariah-based index, went up 0.84 per cent to 1,429.

The Dhaka stocks edged into the black after a bumpy ride thanks to pressure from purchases in the last trading hour, said International Leasing Securities in its daily market review.

Most investors adopted a cautious stance as Bangladesh Bank embraced a floating exchange rate for inter-bank transactions that devalued the taka against the US dollar further.

Moreover, the National Board of Revenue (NBR) imposed a tax on capital gains of institutional investors from all government securities along with public companies, it added.

The investors remained reluctant to make fresh investments into stocks which decreased the turnover, it added.

Among the sectors, jute rose 7 per cent, travel 6.7 per cent and IT 3.2 per cent whereas financial institution dropped 0.9 per cent, textile 0.4 per cent and banks 0.2 per cent.

Based on the turnover, investors' participation was mostly centred on miscellaneous (22.3 per cent) followed by pharmaceuticals (17.9 per cent) and engineering (9.7 per cent).

Turnover at the DSE fell 5 per cent to Tk 1,242 crore.

Among the individual stocks, Bangladesh Export Import Company was the security to be traded the most, accounting for 15 per cent of the turnover, as its scrips worth Tk 180 crore were transacted.

BDCOM Online topped the gainers' list, advancing 10 per cent. The Hakkani Pulp & Paper Mills, Sea Pearl Beach Resort & Spa, JMI Hospital Requisite Manufacturing, and Bangladesh Industrial Finance Company were among the stocks that saw significant gains.

Bay Leasing and Investment suffered the highest correction, sliding 5 per cent. Simtex Industries, Dacca Dyeing, IPDC Finance and IDLC Finance declined by more than 3 per cent.

Meanwhile, the Caspi, the all-share price index of Chattogram Stock Exchange, gained 72 points, or 0.38 per cent to end at 19,141.

Of the issues that were traded on the port city bourse, 88 advanced, 91 declined, and 85 did not show any price movement.