Dhaka stocks inched down in volatile trading on Wednesday with a decline in the turnover despite support from the state-owned institutions as the current violent political situation made investors panicky. The benchmark general index of Dhaka Stock Exchange declined to 4,268.65 points, shedding 0.20 per cent or 8.89 points. DS30, the blue-chip index of the bourse, however, added 0.51 per cent, or 7.71 points, to close at 1,516.02points.
Market operators said that the turnout of investors in the merchant banks and brokerage houses on the day was thin and that was the main reason for the decline in the turnover.
They also said that the ongoing political unrest made investors shaky.
The turnover of DSE declined to Tk 580.30 crore on Wednesday from Tk 726.20 crore in the previous trading session.
‘While market struggled to remain positive, waves of sell pressure beat it down, in frequent intervals, causing it to close flat,’ IDLC Investments said in its daily market commentary.
It said, ‘Hovering political uncertainty with absence of any major upcoming dividend or earnings declaration in the near term has created a vacuum of motivation in the market, causing activities in the market to drop by 20 per cent.’
Of the 287 shares and mutual funds traded on the day, 110 advanced, 136 declined and 41 remained unchanged.
Delta Life Insurance led the turnover leaders with its shares worth Tk 64.02 crore changing hands on Wednesday.
RN Spinning Mills, Envoy Textile Mills, Meghna Petroleum, Generation Next Fashions, Paramount Textile Mills, Central Pharmaceuticals, Orion Pharma, Bengal Windsor Thermoplastics and Makson Spinning were also among the other top turnover leaders.
Rahima Food, a company without any production, gained the most with a 9.73-per cent rise in its share price.
A recent post on the DSE web site said that a team during its visit to Rahima Food found that its production was fully closed and the company’s total losses was Tk 11.34 crore.
Libra Infusions lost the most on Wednesday with an 8.73-per cent decline in its share price.
-With New Age input
