Shariah index dips on debut
Dhaka stocks inched down on Monday, breaking an eight-day gaining streak, after the central bank directed banks not to show their interest suspense as income after rescheduling the defaulted loans. Market operators said investors offloaded bank shares as the net profit of the listed banks would decline after the deduction of interest suspense and charged unrealised interest from income as Bangladesh Bank directed.
The benchmark general index of Dhaka Stock Exchange, DSEX, declined to 4,550.47 points, shedding 0.32 per cent or 14.92 points.
DSES, the bourse’s Shariah index introduced on Monday, lost 0.12 per cent, or 1.22 points, to close at 941.27 points on its debut day.
According to a media report published Monday, the BB’s directive came last week after the central bank found that some bank had recently shown their interest suspense as income after rescheduling the defaulted loan violating the banking rules and regulations.
Banks sector lost 0.94 per cent on Monday.
Profit-taking move by investors after an eight-day gain also prompted some investors to sell off their shares, they said.
The DSEX and the DS30 had advanced 296.06 points and 106.07 points respectively in the last eight trading sessions.
DS30, the blue-chip index of the DSE, finished at 1,609.27 points, shedding 0.17 per cent or 2.82 points.
The turnover of the bourse dropped to Tk 610.87 crore, which was Tk 708.07 crore in the previous trading session.
Of the 292 shares and mutual funds traded, 124 advanced, 133 declined and 35 remained unchanged.
‘A flat session passed for DSEX and DS30, with turnover reverting to Tk 600-crore level,’ IDLC Investments said in its daily market commentary.
It said, ‘In the mean time, although EU’s assurance mitigated worries over GSP issue, most stocks from textile sector stayed negative.’
United Airways traded most on the day with its shares worth Tk 29.90 crore changing hands.
Summit Purbanchol Power Company, UCBL, Padma Oil, Meghna Petroleum, Appollo Ispat, Olymic Industries, Apex Adelchi Footwear, Bangladesh Shipping Corporation and Heidelberg Cement were among the other most traded shares.
Apex Adelchi Footwear gained the most with a 9.69-per cent increase in share price, while Meghna Condensed Milk lost the most, shedding 9.46 per cent.
-With New Age input
