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Daily Business News All Daily Business News
18 Sep 2013
Dhaka stocks fall on political uncertainty fears

Dhaka stocks declined on Tuesday despite an increasing turnover as the Appellate Division of the Supreme Court on the day sentenced Jamaat leader Abdul Quader Molla to death for committing war crimes during the 1971 war of independence, which made the investors apprehensive about the future on the political front. The benchmark general index of the Dhaka Stock Exchange, DSEX, closed at 4,118.81 points, shedding 0.46 per cent or 19.12 points. DS30, the blue-chip index of the DSE, lost 0.99 per cent, or 15.12 points, to finish at 1,508.15 points.

Market operators said that the investors were apprehensive of a deteriorating political situation following the verdict that sentenced Quader Molla to death. Jamaat has called a 48-hour nationwide general strike on Wednesday and Thursday protesting the verdict of the Appellate Division on the Jamaat leader’s appeal, which also made the investors go for sell-offs, said the operators. ‘Fear of potential political turmoil pulled down market sentiment amid continuous profit booking in mid capitalized and large capitalized scrips,’ IDLC Investments said in its daily market commentary. ‘Alongside this, investors were focusing scrip wise swings and realizing short-term return, which assisted to keep market outlook volatile. As a result, the bourse ended red after five gaining sessions and lost 19.13 points,’ it also said.

‘Alongside this, investors were focusing scrip wise swings and realizing short-term return, which assisted to keep market outlook volatile,’ it added. The turnover of the bourse increased to Tk 629.43 crore while it was Tk 522.93 crore on Monday. Of the 292 shares and mutual funds traded on the day, 125 advanced, 140 declined and 27 remained unchanged. United Airways led the turnover chart as its shares worth Tk 20.79 crore changed hands on the day.

Heidelberg Cement, Bangladesh Submarine Cable Company, Fareast Finance and Investment, CMC Kamal, Grameenphone, Envoy Textiles, RN Spinning, JMI Syringes and Medical Devices and Generation Next Fashions were the day’s other turnover leaders. Fareast Finance and Investment gained the most on the day as its price increased by 90 per cent on its debut, while Hakkani Pulp and Paper lost the most, 8.57 per cent.

As of June 30, 2011, the net asset value per share of Fareast Finance and Investment was Tk 15.06 while the earning per share was Tk 1.04, showed Bangladesh Securities and Exchange Commission data, which the regulator published after the company got the approval. However, its January-June half yearly report said that its EPS was Tk 0.13, which is based on the weighted average pre-IPO paid-up number of shares while the company showed only Tk 0.09 as its EPS during the same period based on the post-IPO paid-up capital.

Source :: New Age