Dhaka stocks declined for the second trading session on Sunday, the last trading session of the financial year 2012-2013, as investors, dejected by the US government’s withdrawal of the generalised system of preferences for Bangladesh, offloaded shares.
The benchmark general index of the Dhaka Stock Exchange, DSEX, declined to 4,104.64 points, shedding 1.07 per cent or 44.51 points.
The old benchmark general index of the bourse, DGEN, closed at 4,385.76 points, losing by 0.89 per cent or 39.70 points on the day.
The DSEX and the DGEN lost 85.45 points and 79.71 points respectively in the last two trading sessions.
The textile sector lost 1.62 per cent on the day while telecommunication sector lost the most — 2.85 per cent.
Market operators said the withdrawal of the GSP facility for Bangladesh by the US government made the investors anxious.
The investors in early hours of the session sold off huge number of shares of the issues of the textile sector as they feared that the withdrawal of the facility would put negative impact on the earning of the companies, they said.
The US government on Friday withdrew the GSP facility for Bangladesh blaming that the government had failed to improve workers safety standard.
Selling pressure by the mutual funds on the last date of their accounts closing day might be another reason for the fall in shares prices, they said.
They also said that the market might take positive turn shortly when the mutual funds would buy shares after the year closing.
DS30, the blue-chip index of the DSE, declined by 0.96 per cent, or 15.01 points, to finish at 1,532.54 points.
The turnover of the bourse dropped to Tk 568.22 crore on Sunday from Tk 644.15 crore in the previous session.
‘Cyclical downbeat continued from the very beginning of today’s session, which represented investors’ reaction over different news regarding GSP suspension in recent days,’ IDLC Investments said in its daily market commentary.
Of the 286 shares and mutual funds traded on the day, 105 advanced, 161 declined, and 20 remained unchanged.
Meghna Petroleum led the turnover chart on the day with its shares worth Tk 39.98 crore changing hands.
JMI Syringes and Medical Devices gained the most on the day as its share price increased by 9.84 per cent, while Easter Housing lost the most with a 9.96-per cent fall.
-With New Age input
