DSE turnover drops below Tk 2 billion
Monday, 23 June 2008

Bdnews24.com

Stocks slumped on the opening day of the week, as nervy investors preferred to sell-off their stakes to lock in profits, according to market observers.

An official of brokerage house, Anwar Securities, told bdnews24.com that they were busy across the day dealing with selling orders from their clients.

Dhaka Stock Exchange's turnover dropped below Tk 2 billion mark for the first time in three months, with the trading volume declining substantially as well.

The other bourse in Chittagong also saw a large fall in both turnover and trading volume.Market analysts said there was panic among the investors in the port city, which led to sell-offs and lower transactions.

"The day's trading trend shows investors are still insecure about the market which resulted in sell-offs and decreased turnover," Yaweer Sayeed, CEO of a private asset management company, said.

He expressed concerns about the continuous fall of turnover over the last few days.

"Though it is too early to comment but it seems a bit alarming," Sayeed, who is with AIMS of Bangladesh, told bdnews24.com.

The DGEN or general index maintained a diving curve throughout the day, slumping 55.65 points or 1.83 percent to close at 2985.04.

The DSI or all-share price index finished at 2535.43, down by 44.82 points or 1.73 percent, while the DSE-20 blue chip index fell 23.56 points or 0.92 percent to 2513.89.

Turnover fell to Tk 1.83 billion from Tk 2.27 billion on last week's closing day, with 12,644,670 shares changing hands.

Losers outnumbered gainers 204 to 20 while seven issues held steady.

Beximco Pharma still topped the turnover board; it fell 4.75 percent to Tk 96.20.

Square Pharmaceuticals ended on Tk 5140.25, down 0.16 percent.

AIMS 1st Mutual Fund was down 4.63 percent to close at Tk 19.55 while Shahjalal Islami Bank finished at Tk 339.50, falling 2.16 percent from Thursday's closing.

Lanka Bangla Finance continued to decline, losing 1.35 percent to end on Tk 181.40.

Other scrips on the turnover board—Lafarge Surma Cement, AB Bank, Keya Cosmetics and IFIC—also declined as investors locked in profits.

Uttara Bank, however, remained unchanged.

All indices on the Chittagong Stock Exchange closed down Sunday.

The CSCX or selective categories index lost 98.38 points or 1.66 percent to finish at 5815.39, while the CASPI or all-share price index closed at 8997.79, slumping 141.06 points or 1.54 percent.

The CSE-30 plunged 106.29 points or 1.32 percent to end on 7924.89.

Turnover on the port city's bourse plummeted to Tk 288.13 million, against the previous day's Tk 366.28 million, from trading of 2,584,232 shares.

Of the traded issues, 134 lost, six gained and two remained unchanged.

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