DSE leaders sit with brokers Sunday on falling turnover

Star (September 08, 2011)

Dhaka Stock Exchange leaders will sit with top 30 brokerage firms in terms of turnover on Sunday to discuss ways of rejuvenating the stockmarket.
“We want to find out why turnover declined. We are trying to take positive measures to increase the volume of turnover,” said Ahasanul Islam, senior vice president of DSE.
A list of large institutional investors will be drawn at the meeting through discussion with the brokerage firms and positive measures will be taken to increase the big parties' participation, he added.
“We are concerned about the sliding turnover,” said Islam, adding that 60 percent of institutional participation is very important in every share for the well-being of small investors.
He also said overheated shares will not be sold if corporate participation increases in every share.
Shakil Rizvi, president of DSE, and a number of directors will join the meeting, said Shafiqur Rahman, deputy general manger of DSE.
DGEN returned to the black, breaking a three-day losing streak, as investors used low prices of shares as a buying opportunity yesterday.
The benchmark General Index of DSE closed on 6,095.54 points, after gaining 29.94 points or 0.49 percent.
Most sectors closed positively and the textile sector moved up as Bangladesh got duty-free access for its 46 textile items to the Indian market, said Green Delta Securities, one of the leading stockbrokers.
Turnover on the DSE slipped 15.9 percent to Tk 308 crore from the previous day.
Of the total 253 issues traded on the DSE floor, 164 advanced and 76 declined. Thirteen securities remained unchanged. Among the DSE-20 blue chips, only nice closed positive.
The banking sector gained 0.63 percent, making 30 percent of the total market capitalisation. Out of 30 bank issues only four closed negative, while the non-bank financial institutions lost o.5 percent and out of 21 issues 14 closed positive.
Grameenphone, which represents the telecoms sector, gained 1.14 percent, fuel and power 0.60 percent and textile 1.14 percent.
Jamuna Oil topped the turnover value with 6.12 lakh shares worth Tk 16.88 crore changing hands.
BD Autocars was the biggest gainer of the day, posting a 5.46 percent rise. Anwar Galvanizing slumped 5.02 percent to end up as the worst loser.