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Stocks fall amid thin trade

  • Published at 04:51 pm September 2nd, 2013
Stocks fall amid thin trade

Stocks fell amid poor trading activities yesterday as investors remained cautious in view of falling foreign portfolio investment in the stock market.

After gaining more than 22 points in first hour of trade, the benchmark DSEX index fell 40 points or 1% to close at 4,100. The blue chip index DS30 was down 17 points or 1% to 1,527.

The Chittagong Stock Exchange (CSE) Selective Categories Index, CSCX, lost 57 points to 8,006.

“Fade in investors’ confidence pulled down the market into negative territory,” said IDLC Investment in its daily market analysis.

“Profit taking in most of small cap and micro cap companies has pushed the market down. Alongside this, news of decline in foreign investment in national dailies fueled this waning tone.”

Decrease in fresh positioning and re-positioning kept the participation sluggish, which dragged down the turnover below Tk5bn-mark after eight consecutive sessions.

Meanwhile, investors were upholding their judgment to be more careful in respect of their day-to-day trading, said IDLC.

Turnover value on Dhaka Stock Exchange (DSE) stood at Tk4.8bn, a decrease of 11.52% over the previous session and lowest in the last nine sessions. Declining turnover indicated that investors showed least interest in buying.

All the major sectors posted losses except non banking financial institutions which gained 2.5%, driven by heavyweight ICB that rose 5%.

Telecommunications was the biggest loser with a fall of 3%, followed by pharmaceuticals 1.4%, power 0.4% and banks 0.04%. The recent hotshot multinational companies also took the heat of the market.

Losers took a modest lead over the gainers as out of 289 issues traded, 89 gained, 169 declined and 31 remained unchanged.

Grameenphone continued to dominate the turnover chart as the stock accumulated turnover worth Tk357.9m. It was followed by Bangladesh Submarine Cable Company Ltd, Active Fine Chemicals, Delta Life Insurance,

Tallu Spinning, Padma Oil, Titas Gas, Lanka Bangla Finance and United Airways.

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