Stocks fall for third day on panic-driven sales

Staff Correspondent | Published: 23:47, Oct 27,2016

 
 

Dhaka stocks declined for the third trading session on Thursday as investors continued to ditch shares after being dissatisfied with the recently disclosed earnings announcements.
The key index of Dhaka Stock Exchange, DSEX, finished at 4,636.23 points, shedding 0.47 per cent or 21.97 points on Thursday, the last trading session of the week. The key index has lost 57 points in last three trading sessions.
In line with the last two trading sessions, investors continued with share sales following the dissatisfactory earnings announcement by listed companies, especially those of the banks and non-bank financial institutions, stockbrokers said.
A section of investors, who were dissatisfied by the earnings announcements, went for panic-driven share sales with a view to save their investments from further erosion, they said.
As a result, the market was downward from the beginning of the session and continued till the end of the session without any resistance, finishing with decline in share prices of two-third traded scrips, said stockbrokers.
Turnover of the bourse increased a bit to Tk 605.92 crore compared with that of Tk 591.44 crore in the previous trading session.
Of the 323 companies and mutual funds traded on the day, 88 advanced, 197 declined and 38 remained unchanged.
‘Profit taking continued, hitting the market momentum for the last few sessions,’ said IDLC Investments in its market commentary.
‘Fuel and power continued to lead the turnover chart, holding Tk 1.1 billion or 17.5 per cent of the day’s total trade value,’ it said.
DS30, the key index of DSE, fell by 0.32 per cent or 5.79 points, to close at 1,751.44 points on Thursday.
The Shariah index, DSES, closed at 1,109.80 points, shedding 0.29 per cent or 3.25 points.
Doreen Power Generations and Systems led the turnover chart on the day with its shares worth Tk 33.48 crore changing hands.
MJL Bangladesh, KDS Accessories, Lafarge Surma Cement, Mithun Knitting, Eastern Housing, IT Consultants, Power Grid Company of Bangladesh, Saif Powertec and First Security Islami Bank were other turnover leaders.
National Tubes gained the most with a 9.98 per cent rise in its share prices, while Deshbandhu Polymer was the worst loser, shedding 9.90 per cent. 

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