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Stocks slip on sell-offs PDF Print E-mail
Wednesday, 16 July 2008

Bdnews24.com

The country's twin bourses finished lower on Tuesday as previous day's sell-offs continued.

A fall in the shares of banks, insurers and mutual funds pulled down indices on the Dhaka Stock Exchange from the previous day's closing.
 
The benchmark DGEN or general index fell sharply until midday. It however recovered losses and remained stable afterwards to close at 30.17 points or 1.01 percent lower at 2939.18.
 
The DSI or all-share price index lost 19.29 points or 0.75 percent, ending on 2536.20, while the blue-chip DSE-20 finished at 2626.24, slipping 9.66 points or 0.36 percent.
 
Meanwhile, the Chittagong Stock Exchange finished lower due to losses in insurance, mutual fund and energy shares.
 
The CSCX or selective categories index declined 53.36 points or 0.91 percent to end on 5798.12. The CASPI or all-share price index closed at 9024.27, down 55.08 points or 0.60 percent.
 
The CSE-30 blue-chip fell 63.82 points or 0.78 percent to end on 8028.91.
 
Brokerage house officials said investors continued to sell-off.
 
"Investors sold off bank, insurance, mutual funds and energy shares but buying was very low," an official of brokerage house Anwar Securities told bdnews24.com.
 
Total turnover on the DSE amounted to Tk 2.72 billion from the trading of 19,438,816 shares, up from Monday's Tk 2.71 billion.
 
Losers outnumbered gainers 151 to 72, while 13 issues held steady.
 
Turnover on the port city bourse rose to Tk 396.61 million, from the trading of 4,798,610 shares, up from Tk 390.97 million the previous day.
 
Of the traded 143 issues, 91 declined, 45 gained and seven remained unchanged.
 
Meanwhile, market operators viewed the huge sell-off as natural saying it came in the wake of high prices to make profits.
 
DSE chief executive Salahuddin Ahmed brushed off any possibilities of fear of interventions as the reason behind the huge sell-off.
 
"It is quite natural to witness massive sell-offs after high prices."
 
DSE turnover leader Beximco Pharma advanced 1.88 percent to close at Tk 102.70. ACI ended 1.06 percent lower at Tk 492.30.
 
Square Pharmaceuticals continued to fall, ending on Tk 5287.50, down 1.33 percent.
 
Beximco gained 3.60 percent to Tk 103.50. Apex Adelchi Footwear lost after gaining Monday. It declined 1.40 percent to close at Tk 4162.25.
 
Among the other scrips on the turnover board— Lafarge Surma Cement, BATBC and Bata Shoe—advanced.
 
AIMS 1st Mutual Fund and Grameen Mutual Fund One continued to fall.

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