Investors remain off-floor due to unrest fear: traders
Dhaka stocks dropped for the fourth trading session on Sunday with a sharp fall in turnover as investors kept them off the trading floor, anticipating political unrest after Eid-ul-Fitr, market operators said.
The benchmark general index of Dhaka Stock Exchange, DSEX, declined to 3,833.53 points, shedding 1.99 per cent or 78.22 points. The DSEX lost 141.59 points in the last four trading sessions after it had gained 55.40 points in the previous one.
The blue-chip index of the DSE, DS30, declined by 2.45 per cent, or 36.20 points, to finish at 1,440.91 points.
The turnover of the bourse declined sharply to Tk 203.81 crore from the previous trading session’s Tk 302.83 crore.
Sunday’s turnover was the lowest since May 28 when it was Tk 237 crore.
Market operators said investors were anxious about the possible political unrest after Eid-ul-Fitr.
They said political violence might spiral after Eid as the Bangladesh Jamaat-e-Islami on Thursday called a 48-hour nationwide general strike for August 12 and 13 protesting against a High Court verdict that declared its registration as a political party illegal.
A decreased participation by the large-scale investors was another reason for the fall in turnover on the day, the operators said.
A section of investors, however, offloaded shares on the day to get cash ahead of the Eid, they said.
Of the 278 shares and mutual funds trading on the day, 65 advanced, 199 declined, and 14 remained unchanged.
Bangladesh Submarine Cable Company led the turnover chart on the day with its shares worth Tk 15.33 crore changing hands.
‘Concern over post-Eid political warm-up notched investor’s sentiment very negatively throughout the session,’ IDLC Investments said in its daily market commentary.
‘Faded optimism in line with turmoil in participation fuelled by cashing out mania ahead of Eid-ul-Fitr further shaded 78.22 points in DSEX,’ it said.
‘Meanwhile, activity declined sharply as total turnover came down to Tk 203.81 crore, lowest within last 47 sessions. Investors were upholding much more logical approach in their trading activities as they were focusing on cautious and lucrative positioning,’ it also said.
Olymic Industries, Meghna Petroleum, Padma Oil, Grameenphone, Square Pharmaceuticals, Jamuna Oil, Titas Gas, United Airways and Argon Denims were also among the turnover leaders on the day.
LR Global Bangladesh Mutual Fund One gained the most on the day as its share price increased by 5.71 per cent, while Union Capital lost the most, shedding 8.63 per cent.
-With New Age input
