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Wednesday, 02 July 2008

Bdnews24.com

Indices on the country's twin bourses ended mixed Monday, amid investors' continued disappointment from the previous day over the market regulator's moves to bar mutual funds from declaring stock dividends.

Share prices gained during the first half of trade, but fell in the midday sessions on increased selling, an official of brokerage house IDLC Securities said.

Market analysts said prices witnessed a bearish trend but turnover was up from that of Sunday.

"Despite the continuous fall in indices, buying occurred today leading to a significant increase in turnover," said Yaweer Sayeed, CEO of a private asset management company.

The market was emerging a somewhat sluggish trend, but the recent regulatory move to modify rules regarding mutual funds led to Monday's downturn, he told bdnews24.com.

"Such events create distortions in the market," said the top official of AIMS of Bangladesh.


The DGEN or general index shed 11.12 points or 0.36 percent at 3000.49.

The DSI or all-share price index slipped 4.39 points or 0.16 percent to finish at 2588.02, while the DSE-20 blue-chip index gained 10.32 points or 0.40 percent to 2545.17.

Turnover surged to Tk 3.30 billion from Sunday's Tk 2.65 billion, with 21,364,228 shares changing hands.

Of the traded issues, 157 lost, 60 gained and 7 remained unchanged.

Square Pharmaceuticals topped the turnover board, rising 1.91 percent to Tk 5458.75.

Fareast Life Insurance ended on Tk 4570.25, slipping 0.12 percent.

AIMS 1st Mutual Fund slumped 11.34 percent to Tk 15.32.

Lanka Bangla Finance finished at Tk 221.30, advancing 1.00 percent from Sunday's closing.

ICB Islamic Bank gained 8.47 percent to Tk 2698.25.

Other scrips on the turnover board— Beximco Pharma, Prime Finance and Investment, Apex Adelchi Footwear and Prime Islami Life Insurance—advanced. AB Bank lost.

All indices on the Chittagong Stock Exchange closed mixed, with mutual funds witnessing huge losses.

The CSCX or selective categories index declined 17.16 points or 0.29 percent to finish at 5853.57, while the CASPI or all-share price index closed at 9050.56, down by 22.39 points or 0.24 percent.

The CSE-30 edged up 9.60 points or 0.11 percent to end on 8037.01.

Turnover on the port city's bourse amounted to Tk 344.14 million, from trading of 3,643,875 shares.

Of the traded issues, 41 gained, 95 lost and three held steady.

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