Stocks finish lower on sell-offs
Tuesday, 29 April 2008

Bdnews24.com

Stocks finished down Monday, influenced by sell-offs for profit-taking. Turnover on the country's twin bourses and the trading volume recorded a fall from the previous day.

Investors throughout the day found themselves in massive selling to lock in profit, said brokerage house officials. "We mostly dealt with selling orders from our clients," an official with brokerage house Latif Securities told bdnews24.com.

Dividends and other declarations of some issues led their prices to go up due to buying pressure, the official added. Market watchers described the day's trading as normal, saying that the fall in indices was expected after days of flat trade. "The mixed trend of buying and selling led the market to close flat for the last few days.

Massive profit-taking was pretty much anticipated," said Salahuddin Ahmed Khan, chief executive of Dhaka Stock Exchange, told bdnews24.com. The benchmark DGEN or general index rose on the opening bell only to fall after the first hour of trade and maintained a downward curve afterwards to finish 25.42 points, or 0.82 percent lower at 3061.68.

The DSI or all-share price index ended on 2586.44, declining 20.48 points, or 0.78 percent from the previous day. The bourse's blue-chip DSE-20 fell 21.07 points, or 0.87 percent, to close at 2380.18.

Turnover slipped to Tk 2.65 billion from Sunday's Tk 2.99 billion, with 15,953,256 shares changing hands. Losers outnumbered gainers 203 to 38.

Nine issues held steady. AB Bank topped the turnover board, rising 0.47 percent to Tk 3777.25. UCBL continued to advance from Sunday and ended on Tk 5081, up 1.9 percent.

The bank has reported that the court adjourned the hearing on the pending issues of AGMs until Apr 29, according to the DSE's Web posting. Profit-taking led Keya Cosmetics to finish 4.75 percent lower at Tk 70.10, while Square Pharma eroded Sunday's gains to decline 0.86 percent to Tk 4570.75.

State-owned Jamuna Oil also fell 1.65 percent to end on Tk 266.60. Among the other scrips on the turnover board, ACI and Beximco Pharmaceuticals declined after investors locked in profits. IFIC Bank, Pragati Insurance and BATBC rose on buying pressure. Indices on the Chittagong Stock Exchange also ended lower, influenced by huge losses in ceramics, engineering, and paper scrips.

The CSCX or selective categories index lost 13.65 points or 0.24 percent to 5545.79 while the CASPI or all-share price index ended on 8593.89, down 20.66 points or 0.23 percent.

The CSE-30 blue-chip index slumped 75.81 points or 1.00 percent to close at 7431.88. Turnover on the port city's bourse slightly fell to Tk 328.37 million from Tk 378.06 million the previous day from 2,390,144 traded shares.

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