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Stocks end down on market jitters PDF Print E-mail
Saturday, 21 June 2008

Bdnews24.com

Stocks ended down on the closing day of the week, as jittery investors were engaged in sell-offs to lock in profits, according to market observers.

"We dealt with huge selling orders; buying was very low today," said an official of brokerage house Anwar Securities.

Investors were feeling insecure about the market, which led to sell-offs and lower transactions, added the official.

The twin bourses of the country witnessed a decrease in turnover and trading volume.

Market analysts welcomed the day's price correction but doubted its sustainability.

"We are not unhappy with the price correction, but it is induced by fears of interventions," Yaweer Sayeed, CEO of a private asset management company told bdnews24.com.

He doubted the price correction would last long as it was not a natural one.

"We are still in some uncertainty about the market's direction and taking a very cautious stance on trading," said the top official of AIMS of Bangladesh.

DSE chief executive Salahuddin Ahmed said the correction came as investors became aware of market inquiries by stock exchange officials.

"But scrips were still overpriced after the price fall," he told bdnews24.com.

The DGEN or general index rose at the opening bell. It then fell sharply due to sell-offs, before recovering some losses in the midday sessions. The benchmark index maintained a downward curve after midday, losing 26.82 points or 0.87 percent to close at 3040.69.

The DSI or all-share price index finished at 2580.26, down 21.39 points or 0.82 percent, while the DSE-20 blue chip index slipped 9.61 points or 0.37 percent to 2537.45.

Turnover fell to Tk 2.27 billion from Wednesday's Tk 2.53 billion, with 14,665,302 shares changing hands.

Losers outnumbered gainers 148 to 73 while twelve issues held steady.

Beximco Pharma still topped the turnover board. It fell 1.94 percent to Tk 101.

Square Pharmaceuticals ended on Tk 5148.50, down 0.50 percent following Wednesday's gains.

AIMS 1st Mutual Fund was down 4.02 percent to close at Tk 20.50.

Buying pressure drove Apex Tannery to climb 2.06 percent to Tk 1407.75.

Lanka Bangla Finance eroded its previous day's gains, losing 0.86 percent to end on Tk 183.90.

Other scrips on the turnover board—BRAC Bank, Grameen Mutual Fund One and Lafarge Surma Cement—fell as investors locked in profits. Keya Cosmetics and Jamuna Oil advanced.

All indices on the Chittagong Stock Exchange closed down Thursday due to falls in ICT, cement and ceramic shares.

The CSCX or selective categories index lost 45.01 points or 0.75 percent to finish at 5913.77, while the CASPI or all-share price index closed at 9138.85, down 63.87 points or 0.69 percent.

The CSE-30 dropped 37.95 points or 0.47 percent to end on 8031.19.

Turnover on the port city's bourse plummeted to Tk 366.28 million, from the previous day's Tk 430.17 million, from trading of 3,224,062 shares.

Of the traded issues, 102 lost, 38 gained and four remained unchanged.

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