Dhaka stocks ended in the red on Wednesday as the International Crimes Tribunal-2 announced to deliver the verdict on a Jamaat leader’s involvement in crimes against humanity today, which made investors worried about the upcoming political situation.
The benchmark general index of the Dhaka Stock Exchange, DSEX, lost 0.27 per cent, or 9.68 points, to finish at 3,516.91 points on the day.
The DSEX started the day on a positive note as the index gained 45 points within the first 45 minutes of trading.
Market operators said the bourse started positively despite the two-day hartal beginning on the day as finance minister AMA Muhith’s recommendation to the Bangladesh Bank to provide the merchant banks and brokerage houses Tk 1266 crore to implement the government announced refinance scheme for investors affected by the stock market crash in 2010 boosted the investors’ confidence
But it started to decline amid widespread news that the verdict on the involvement of Mohammad Kamaruzzaman, a leader of Bangladesh Jamaat-e-Islam, in crimes against humanity would be declared today.
Investors became worried apprehending that Jamaat may react to the ICT’s verdict, which might lead to fresh political clashes across the country, said the operators.
The Jamaat activists earlier went into rampage following announcement of verdict against two Jamaat leaders.
The old key index of the bourse, DGEN, finished at 3,704.34 points, losing 0.15 per cent, or 5.73 points.
DS30, the blue chip index of the bourse, ended flat at 1,308.43 points, gaining 0.04 per cent or 0.56 points.
The turnover of the bourse increased to Tk 209.78 crore, which was 11.26 per cent more than the earlier trading session’s Tk 188.55 crore.
‘Sentiment has not improved enough to absorb political shocks, it seemed that investors are waiting keenly for investing in stocks with lucrative prices and good earnings expectations. Resultantly, as soon as political arena gets cooler, the bourse observes a surge in both prices and turnover; and the reverse in opposite scenario,’ IDLC Investments said in its daily market commentary.
Of the 274 shares and mutual funds traded on the day, 109 advanced, 144 declined and 21 remained unchanged.
Textile sector captured 13.73 per cent of the day’s turnover while share prices of engineering sector increased by 0.72 per cent and pharmaceutical sector 0.70 per cent.
Titas Gas topped the turnover chart as its shares worth Tk 12.14 crore changed hands on the day, while Square Pharma, Olympic Industries, United Airways, Summit Purbanchol Power Company and Islami Bank followed the chart.
Eastern Housing led the gainers’ list as its price went up by 9.78 per cent while Jute Spinners, ICB AMCL Islamic Mutual Fund, Slandered Ceramics, BD Lamps and Orion Infusion were the other leading gainers of the day.
Phoenix Insurance lost the most on the day by shedding 20.08 per cent while Meghna Pet Industries, Gemini Sea Food, CVO Petrochemical Refinery, Apex Foods and Islamic Finance and Investments followed the chart.
-With New Age input
