Stocks fall for 2nd day amid job quota protests

Staff Correspondent | Published: 21:21, Apr 11,2018 | Updated: 01:45, Apr 12,2018

 
 

Dhaka stocks on Wednesday dropped for the second day in cautious trading amid protests of students across the country demanding reform in quota system for government jobs.
The key index of Dhaka Stock Exchange, DSEX, dropped 0.44 per cent, or 26.34 points, to close at 5,833.26 points on Wednesday after losing 19.80 points in the previous session.
Although the day’s trading began in positive mood with a dip after one hour of trading and then rebounding again, the index ultimately ended in negative territory.
Market operators said that many of the investors went into wait-and-see approach on Wednesday amid the student protests across the country for reducing quota in government jobs for the last few days.
Investors were observing the fallout of the protests of the university students, which affected the transport system in several districts across the country.
United International University professor Mohammad Musa told New Age that no investor likes any incident that could hinder the financial system of the country.
‘Due to the demonstration of the students, the investors were observing the overall situation of the country today and went for cautious trading,’ he said.
Besides, some of the investors continued with profit taking sales, like with the previous session, after the DSEX had gained 390 points in just seven trading sessions following the government measures to beef up liquidity supply in the money market, said a stockbroker.
A section of investors were also disheartened as most of the banks declared lower than expected dividends for the year ending December, 2017, he said.
The turnover at the bourse also slumped to Tk 529.18 crore on Wednesday compared with that of Tk 710.96 crore in the previous session.
The financial sector led the downfall on the day with the bank and non-bank financial sectors falling by 0.9 per cent and 0.1 per cent respectively.
Engineering, energy and food sectors also declined 1.1 per cent, 0.4 per cent and 0.2 per cent respectively.
Like the previous session, the surge in share prices of Grameenphone by 1.12 per cent saved the market from further fall.
Of the 335 companies and mutual funds traded on the day, 192 declined, 115 advanced, and 29 remained unchanged.
DS30, the blue-chip index of the DSE, also slipped 0.21 per cent, or 4.77 points, to finish at 2,190.88 points.
Shariah index DSES, shed 0.22 per cent, or 3.12 points, to close at 1,357.26 points.
Bangladesh Export Import Company led the turnover chart on the day with its shares worth Tk 52.92 crore changing hands.
Keya Cosmetics, Northern Jute Manufacturing Company, Monno Ceramics, IFAD Autos, Alif Industries, Grameenphone, Dragon Sweater, Popular Life Insurance and Alif Manufacturing Company were the other turnover leaders.
Popular Life Insurance Company gained the most with a 9.74-per cent increase in its share prices, while Anlimayarn Deying was the worst loser, shedding 4.25 per cent.

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