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Daily Business News All Daily Business News
24 Sep 2013
Stocks fall for 5th day on political unrest fear

Dhaka stocks declined for the fifth trading session on Monday as investors sold shares apprehending further political unrest centring the next national elections. The benchmark general index of the Dhaka Stock Exchange, DSEX, finished at 4,021.08 points, shedding 0.38 per cent or 15.70 points. DS30, the blue-chip index of the bourse, lost 1.13 per cent, or 16.91 points, to finish at 1,467.55 points. The DSEX and DS30 have now lost 116.85 and 55.73 points respectively in the last five trading sessions. Of the 294 shares and mutual funds traded on the day, 144 advanced, 125 declined and 25 remained unchanged. As many as 44 scrips gained more than 8 per cent on the day with most of them being small capitalised companies.

Market operators said that the market had ended in the red on the day as investors sold shares fearing further political unrest as the main opposition party and the ruling party were yet to reach a consensus regarding the next poll-time government. An improved political situation could help boost the investors’ confidence in the market, they said. Decline in shares prices of large capitalised companies might be another reason behind the fall as most of the shares prices increased on the day, said the operators. They also said that a section of investors refrained from trading as they had opted for a ‘wait-and-see’ policy before making their next move.

The turnover of the bourse increased to Tk 521.33 crore from the previous session’s Tk 414.94 crore. ‘Offbeat market sentiment and volatile political scenario yielded another red session. Amid shaky confidence and low participation, market went backtrack by 15.70 points, today (Monday),’ IDLC Investments said in its daily market commentary. ‘As a result, DSEX ended at 26 sessions’ low of 4021.08 points,’ it said. ‘Additionally, continuous profit taking tendency in most of the large capitalized scrips assisted today’s (Monday) declining vibe. Even though, turnover crossed Tk 500.00 crore level, activity maintained sluggish trend during today’s (Monday) session,’ it said.

‘However, Textile continued to dominate turnover for the fifth consecutive session, holding more than one-fourth portion of total turnover,’ it also said. Tallu Spinning led the turnover chart as its shares worth Tk 18.94 crore changed hands on the day. CMC Kamal, Generation Next Fashions, Bangladesh Submarine Cable Company, Saihan Textile, RN Spinning, United Airways, Grameenphone, JMI Syringes and Medical Devices and Bangas were the day’s other turnover leaders. Agrani Insurance Company and BD Autocars gained the most as both of their shares prices increased by 10 per cent, while ICB AMCL First Mutual Fund lost the most, 9.96 per cent.

Source :: New Age