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Sell-offs leave stocks downbeat PDF Print E-mail
Friday, 18 July 2008

Bdnews24.com

Stocks finished downbeat Wednesday for a fourth day as sell-offs continued.

Insurers and blue-chips drove indices on the Dhaka Stock Exchange down while banks, mutual funds went up after losing for the last few days. The general index lost 100 points in the last three days.
 
The benchmark DGEN or general index fell sharply until midday. It remained stable afterwards but slumped again towards the ending to close at 47.11 points or 1.60 percent lower at 2892.06.
 
The DSI or all-share price index lost 28.88 points or 1.13 percent, ending on 2507.31, while the blue- chip DSE-20 finished at 2604.03, slipping 22.20 points or 0.84 percent.
 
Meanwhile, the Chittagong Stock Exchange finished lower due to losses in banks, non-bank financial institutes and insurance shares.
 
The CSCX or selective categories index declined 82.18 points or 1.41 percent to end on 5715.93. The CASPI or all-share price index closed at 8938.83, down 85.44 points or 0.96 percent.
 
The CSE-30 blue- chip fell 57.86 points or 0.72 percent to end on 7971.04.
 
Brokerage house officials said investor sell-offs continued with some buying.
 
"Insurance and energy shares continued to witness selling while banks and mutual funds saw some buying," an official of brokerage house Lanka Bangla Securities told bdnews24.com.
 
Total turnover on the DSE amounted to Tk 2.56 billion from the trading of 17,842,278 shares, down from Tuesday's Tk 2.72 billion.
 
Losers outnumbered gainers 164 to 46, while 17 issues held steady.
 
Turnover on the port city bourse however, rose to Tk 401.46 million, from the trading of 4,032,994 shares, up from Tk 396.61 million the previous day.
 
Of the traded 143 issues, 91 declined, 45 gained and seven remained unchanged.
 
Meanwhile, market operators said investor participation was lower leading to decreased turnover and trade volume.
 
DSE chief executive Salahuddin Ahmed said the market was behaving naturally.
 
"But investor participation is low which is reflected in the trading volume."
 
Investment consultant Bashir Ahmed echoed the DSE official saying investors were losing interest in the market.
 
"Investors' sell-offs might be an attempt to pull out from the market."
 
DSE turnover leader Beximco Pharma advanced 4.67 percent to close at Tk 107.50. Lafarge Surma Cement, second in line ended 6.45 percent up at Tk 627.
 
Square Pharmaceuticals continued to fall, ending on Tk 5198, down 1.69 percent. Lanka Bangla Finance lost 3.11 percent to Tk 220.90.
 
ACI closed at Tk 491.20, edging down 0.22 percent from Monday's price.
 
Among the other scrips on the turnover board—Beximco, Uttara Bank and AIMS 1st Mutual Fund—advanced.
 
Apex Adelchi Footwear and Keya Cosmetic fell after investors locked in profits.

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