Dhaka Stocks Fall Sharply
Tuesday, 08 June 2010

Dhaka stocks fell sharply on Monday after a two-week high.

Mohammad Shakil Rizvi, president of Dhaka Stock Exchange (DSE), told bdnews24.com that the market had reacted to a newspaper report on taxing profits from stock market.

Some newspapers reported that the government was planning to impose five percent tax from the next fiscal on investors profiting more than half a million taka annually.

"This is very early for the government to impose any tax on the market or take any step of that kind," said Shakil speaking at a press conference at the DSE on Monday.

"Rumours have adversely affected trading today," he told bdnews24.com indicating a fall of 2.05 percent (127.47 points) after a two-week hype, closing at 6067.43.

Total turnover stood at Tk 15.97 billion, 4.43 percent lower than the previous session.

Out of 252 issues traded today, only 26 advanced, 212 declined and four remained unchanged.

None of the mutual fund issues advanced; 23 declined and one remained static.

The power and energy sector which has been dominating the market over the last week maintained its place.

Titas Gas topped of the turnover table with shares worth Tk 1301.30 million changing hands and closed at Tk 906.75.

Beximco followed with turnover of Tk 899.68 million and closed at Tk 320.80.

Summit Power saw a total turnover of Tk 721.87 million and lost price by 2.48 percent to close at Tk 1393.25.

Prime Finance and Investment closed at Tk 2938 with total turnover of Tk 517.45 million.

LankaBangla Finance Ltd saw its prices decrease by 1.49 percent closing at Tk 421.60 with a turnover of Tk 513.27 million.

Fund operator Yawer Sayeed told bdnews24.com that the capital market is rumor-driven and the fall is a normal reaction to the report published in newspapers.

"Price correction is already overdue and it can start at any time," he added indirectly indicating further fall in the market.

Source: bdnews24.com

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