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Stocks end lower on sell-offs PDF Print E-mail
Wednesday, 28 May 2008

Bourses closed downbeat Tuesday due to heavy sell-offs by investors after witnessing gains for the last three days, reports

An official with brokerage house Anchor Securities said fears of a huge market fall led investors to sell off holdings.

"As the media quoted analysts about a fall and speculation about manipulation in the wake of overheating, we found ourselves in huge profit-taking," he said.

Privately managed mutual funds, some issues in power and engineering, saw their prices go up, said the official, asking not to be named.

DSE chief executive Salahuddin Ahmed echoed the brokerage house official.

"The mass sell-offs were influenced by rumours of a market out," said Salahuddin.

Market watchers said the fall was pretty much anticipated after a couple of days of heavy gains.

"Profit-taking occurs usually after days of heavy buying," said Bashir Ahmed, an investment consultant with brokerage house Stocks & Bonds.

The DGEN or general index maintained a downward curve for the first three hours before witnessing a sharp fall afterwards to close 31.66 points or 1.01 percent lower at 3101.83.

The DSI or all-share price index ended on 2630.83, losing 23.15 points or 0.87 percent while the bourse's blue chip DSE-20 fell 19.55 points or 0.77 percent to 2506.57.

Turnover edged down to Tk 4.47 billion from Tuesday's Tk 4.61 billion from 28,866,426 shares changing hands.

Losers outnumbered gainers 154 to 81 with five issues remaining unchanged.

AIMS 1st Mutual Fund topped the turnover board; it continued to rise from Tuesday to end on Tk 23.10, up by 7.59 percent. AB Bank followed it to finish 4.7 percent lower at Tk 3395.50.

Market major Square Pharmaceuticals continued to fall; it lost 0.81 percent to close at Tk 5250.50.

Keya Cosmetics ended 2.78 percent higher on Tk 84.90 following previous day's losses while Summit Power rose 7.39 percent to Tk 842.75.

Among the other scrips, Grameen One Mutual Fund, S Alam Cold Rolled Steels, Prime Finance and UCBL advanced.

Chemicals major ACI continued to decline.

Indices on the Chittagong Stock Exchange also ended lower, influenced by losses in insurance, leather and food shares.

The CSCX or selective categories index declined 28.66 points or 0.50 percent to 5681.88 while the CASPI or all-share price index ended on 8835.75, falling 31.40 points or 0.35 percent.

The CSE-30 blue-chip index slumped 74.13 points or 0.95 percent to finish at 7697.47.

Turnover on the port city's bourse fell to Tk 543.11 million from Tk 612.54 million the previous day—earned through 4,172, 931 traded shares.

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