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Stocks slump on continued sell-offs PDF Print E-mail
Monday, 21 July 2008


Sell-offs led stocks to slump on the opening day of the week, witnessing a continuous fall over the last five trading days.

Brokerage house officials said investor sell-offs continued Sunday with very little buying.

Falls in banks, mutual funds, insurers and pharmaceutical scrips led indices on the Dhaka Stock Exchange down.
The benchmark DGEN or general index opened the day with a sharp fall, recovering some losses but closing 30.40 points or 1.05 percent down at 2858.95.
The DSI or all-share price index lost 18.03 points, or 0.72 percent, to end on 2483.41. The blue-chip DSE-20 finished at 2600.25, slipping 1.89 points or 0.07 percent.
Indices on the Chittagong Stock Exchange also finished downbeat due to huge losses in banks, mutual funds and non-bank financial institutions.
The CSCX or selective categories index fell 44.46 points or 0.77 percent to end on 5668.11. The CASPI or all-share price index closed at 8835.71, down 86.36 points or 0.96 percent.
The CSE-30 blue-chip lost 45.23 points, or 0.56 percent, to end on 7928.97.
An official of brokerage house IDLC Securities told that most of the majors witnessed declines in prices as investors were engaged in huge sell-offs
"Buying was very low today with mostly institutional investors trading," added the official.
Market watchers said the trend was upsetting.
Investment consultant Bashir Ahmed said that the continuous slide in indices was alarming.
"It may imply investors are pulling out from the market," said Bashir of brokerage house Stocks & Bonds.
DSE chief executive Salahuddin Ahmed agreed that investors have been shaky.
"But as institutional buying has increased over the last week, a bounce back in the market is about to occur," he added.
Total turnover on the DSE reached Tk 3.07 billion from the trading of 21,339,971 shares, up from Thursday's Tk 2.75 billion.
Losers outshined gainers 162 to 56, with nine issues holding steady.
Turnover leader Beximco Pharma continued to advance, closing at Tk 117.70, up by 2.97 percent.
Second in line, Square Pharmaceuticals continued to fall, ending on Tk 5050.50, down 1.88 percent.
Keya Cosmetics closed 6.83 percent up at Tk 90.70.
Beximco gained 9.45 percent to end on Tk 135.40.
ACI continued to fall, closing at Tk 475.20, down by 1.41 percent.
Among the other scrips on the turnover board—Lanka Bangla Finance,
Apex Adelchi Footwear and Uttara Bank lost on profit taking, while Lafarge Surma Cement and Agni Systems Limited gained.
Turnover on the port city bourse was Tk 421.81 million, from the trading of 4,901,217 shares, down from Tk 442.54 million on the previous week's last trading day.
Of the traded 136 issues, 100 lost, 35 gained and one remained unchanged.

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