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28 Feb 2013
Dhaka stocks plunge on fear over Sayedee verdict fallout

Dhaka Stocks witnessed a massive fall on Wednesday as the investors became panicky about the possible political confrontation after the International Crimes Tribunal declares verdict against Bangladesh Jamaat-e-Islami leader Delawar Hossain Sayedee today.

Since its introduction on January 28, the newly introduced benchmark general index of Dhaka Stock Exchange, DSEX, suffered its heaviest fall by 111.50 points, or 2.74 per cent, on the day, ending at 3,956.89 points.
The day’s trading began in negative mood following Bangladesh Securities and Exchange Commission’s decision taken on Tuesday that the February 28 deadline for splitting the omnibus accounts would not be extended.

Besides, the negative mood intensified after the Eastern Bank declared a meager 20 per cent cash dividend for 2012 against 30 per cent stock dividend for 2011 hitting the bank sector shares.

By mid-session, the DSEX lost over 50 points but after the news broke that the International Crimes Tribunal would announce the verdict against Sayedee on war crimes charges, the index started to plunge further.
The country’s political situation has remained volatile over court verdict against the war criminals for the last one month.

‘Investors became panicky by mid-session over apprehension that whatever verdict comes on Thursday, there would be a political confrontation,’ said a stockbroker.

Jamaat has called general strike for today against the trial while hundreds of thousands of youths in Shahbagh who have been demanding capital punishment of the war criminals for the last four weeks said that they would not accept any verdict other than death penalty.

 The stockbroker said that the bourse’s turnover also rose to Tk 324.58 crore from Tk 266.47 crore on Tuesday because of panic selling by many of the general investors. The blue chip index DS30 finished to 1,425.59 points on the day, declining 2.72 per cent or 39.87 points.
DS30 reached to its lowest value from its staring points of 1460.30 after it had increased 90.84 points in straight three-week gains. Among the 281 issues traded on the day, 254 issues declined which is more then 90 per cent of the day’s traded issues.

Only 16 issues advanced and 11 issues remained unchanged. Summit Purbanchol Power Company made the highest turnover as its shares worth Tk 25.46 crore traded on the day. Despite declaring 150 per cent cash dividend, Glaxo Smithkline was the worst loser of the day as its shares declined by 10.38 per cent while Eastern Lubricants increased the most, 8.29 per cent.

Source :: New Age