Dhaka stocks declined on Wednesday as the ongoing unrest in the readymade garment industry started to affect the stock market. The apparel workers’ unrest over salary hike stepped into fifth consecutive day on Wednesday. Trading suspension of shares of two low cap companies by the Dhaka Stock Exchange’s management also made investors anxious, market operators said. The benchmark general index of Dhaka Stock Exchange, DSEX, closed at 4,005.92 points, shedding 0.59 per cent or 24.17 points.
DS30, the blue-chip index of the DSE, lost 0.63 per cent, or 9.37 points, to close at 1,462.54 points.
The turnover of the DSE declined to Tk 324.32 crore from the previous trading session’s Tk 468.42 crore.
‘Current unrest in the RMG sector prompted investors for materialising quick return during today’s [Wednesday] session. Besides, fade in investors’ perception pulled down market turnover to one and half months’ lowest point of Tk 324.32 crore,’ IDLC Investments said in its daily market commentary.
It said, ‘Until today [Wednesday], DSEX lost 121.56 points within this month, which dragged down the index same time’s bottom of 4,005.92 points. Trading halts of certain stocks put pessimism in movements of some micro capitalised scrips with high market volatility,’ it also said.
Market operators said gamblers became panicked after the management of the DSE suspended share trading of two companies in the last two days.
Due to an unusual hike in share price the DSE management on Tuesday suspended trading of CVO Petrochemical Refinery and it halted share trading of Rahima Food after mid-session on Wednesday.
The market began on positive note on the day but started to lose points just after the DSE management halted the trading of Rahima Food, said a senior merchant banker.
Of the 290 shares and mutual funds traded on the day, 75 advanced, 192 declined and 23 remained unchanged.
Bangladesh Submarine Cable Company Limited led the turnover leaders as its shares worth Tk 19.97 crore changed hands.
CMC Kamal, Tallu Spinning, Generation Next Fashions, Jamuna Oil, Bangas, RN Spinning, Grameenphone, United Airways and Square Pharmaceuticals were also among the top 10 turnover leaders of the day.
Peoples Insurance gained the most on the day as its share price increased by 8.60 per cent, while Modern Dyeing and Screen Printing lost the most, shedding 10 per cent.
-With New Age input
