Stocks end lower for a third day
Thursday, 31 July 2008

Bdnews24.com

Indices on the Dhaka Stock Exchange ended lower for a third day due to a decline in blue-chips.

A fall in share prices of insurers, banks and mutual funds also influenced Wednesday's trading.

A sharp fall in the benchmark DGEN or general index marked the day's opening. It however returned from losses immediately before maintaining a downward curve across the trading session. It lost 24.57 points or 0.86 percent to end on 2801.42.

The DSI or all-share price index finished 22.60 points or 0.92 percent lower at 2426.07. The blue-chip DSE-20 closed at 2558.86, slumping 85.19 points or 3.22 percent.

Indices on the Chittagong Stock Exchange closed mixed, paced by gains in blue-chips and non-bank financial institutions.

Huge losses in mutual funds, pharmaceuticals and cement pulled the all share index down.

The CSCX or selective categories index gained 13.21 points or 0.23 percent to close on 5578.29. The CASPI or all-share price index closed at 8583.72, falling 28.43 points or 0.33 percent.

The bourse's blue-chip CSE-30 surged 49.84 points, or 0.64 percent, to end on 7774.42.

Profit-taking ruled Wednesday's trading, an official with brokerage house IDLC Securities told bdnews24.com.

"Buying was low with individual scrips increasing on speculations."

Turnover on the DSE reached Tk 3.11 billion, with 24,323,614 shares changing hands, up from Tk 2.99 billion the previous day.

Decliners beat advancers 133 to 86, with 13 issues holding steady.

Turnover from 6,036,113 traded shares on the port city bourse rose to Tk 530.81 million from Wednesday's Tk 488.23 million.

Of the traded 141 issues, 92 lost, 45 gained and four remained unchanged.

Market participators said the trading remained gloomy due to sell-offs by nervous investors.

"Panicky investors are not holding money in the market for a longer time," a top official of a brokerage firm told bdnews24.com.

Low investor-confidence due to recent interventions led towards the ongoing sell-offs, added the official asking not to be named.

Investment consultant Bashir Ahmed who is with brokerage firm Stocks & Bonds echoed him saying the sell-off is leading the market to enter the bearish trend again.

DSE chief executive Salahudiin Ahmed however said trading perked up.

"Turnover and trading volume are increasing, which means investor participation is also on the rise," Ahmed told bdnews24.com.

Square Textiles topped the turnover board, surging 10.34 percent to Tk 139.70.

Second in line, Beximco Pharmaceuticals continued to lose, falling 4.27 percent at Tk 107.60.

Lanka Bangla Finance ended 7.80 percent higher on Tk 211.30.

Keya Cosmetics closed higher at Tk 96.20, up 0.20. Grameen Mutual Fund One eroded Tuesday's gains to fall 4.86 percent.

Among the other scrips on the turnover board—Beximco, Square Pharmaceuticals and Uttara Bank—gained due to buying pressure.

AIMS 1st Mutual Fund and Islami Bank lost on profit-taking.

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