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Daily Business News All Daily Business News
04 Mar 2013
Hartal hits stocks hard

A bloody start to a three-day strike took a heavy toll on the stockmarket, as share prices declined 5.21 percent yesterday, the highest single day fall in the last 13 months.

The DSE Broad Index (DSEX), the benchmark index of the Dhaka Stock Exchange, finished the day at 3,765.98 points, after falling 207.29 points.

“Investor confidence deteriorated further, due to rising concerns over the ongoing political troubles,” said Ahasanul Islam, former vice president of the DSE.

The three-day strike enforced by Jamaat-e-Islami and BNP affected the stockmarket as the market is sensitive, Islam said. He urged investors not to panic over such fall.

Institutional investors are adopting a wait-and-see policy, Mohammad A Hafiz, president of Bangladesh Merchant Bankers Association, said, advising investors to be patient about the market.

“It is a dreadful start for March, as all indices dropped to their lowest in 2013 over confidence breakdown among investors,” said IDLC Investments, a leading investment bank.

“With political situation getting worse, investors seemed to lose confidence totally as improvement in investment outlook under prevailing circumstances seems a distant dream now.”

Turnover improved slightly by 22.62 percent to Tk 262 crore, as the market hitting the year-low prompted opportunistic investors to act contrary to market sentiments, the investment banker said.

“Investors are feeling nervous despite the economic stability,” said LankaBangla Securities, a leading stockbroker. A total of 0.95 lakh trades were executed with 6.32 crore shares and mutual fund units changing hands on the Dhaka bourse.

Of the total 264 companies and mutual fund units that were traded on the DSE floor, 253 declined, nine advanced and two remained unchanged.

All major sectors posted deep losses with non-bank financial institutions suffering the most with 6.97 percent. Heavyweight banks followed at 5.14 percent, telecoms 4.26 percent, power 4.16 percent and pharma 3.27 percent.

Source :: The Daily Star