Dhaka stocks declined yesterday, the indices losing 2.33 percent, following a market free fall due to investors’ low confidence. The falling trend of the market was at its worst in the last 12 days as the benchmark General Index, DGNE, the Dhaka Stock Exchange indicator, closed at 5,763 after falling 137 points. The benchmark index registered a second straight losing session.
“Investors lost their confidence as they were yet to see any workable action from the private and public sectors to boost the bourses,” said Akter H Sannamat, a chartered accountant and market analyst.
Sannamat said most investors were demanding immediate action from the bourses as price support in the bearish market.
The market regulator should take pragmatic initiatives to bring back normalcy in the market, he added.
Yawer Sayeed, manging director of Aims, an asset management company, also agreed. He said small investors lost confidence and institutional investors seemed confused by hasty comments from stakeholders.
The session witnessed a weak beginning and the fall accelerated as the session progressed, said a statement by LankaBangla Securities, a leading stockbroker.
Investors adopted a conservative view of the forthcoming earning declaration of the bellwether sectors, it said.
Activities declined in the bourse — turnover, volume and trade plunged 24.49 percent, 13.29 percent and 14.87 percent.
A total 92.28 thousand transactions were executed during the session, generating a turnover of Tk 322 crore with 3.83 crore shares traded.
Of the total 259 issues traded on the DSE, 235 declined and 17 advanced. A total of seven securities remained unchanged.
Summit Power was the most active share in terms of turnover with 17.10 lakh shares worth Tk 15.74 crore changing hands.
Bangladesh Shipping Corporation was the biggest gainer of the day, posting a 4.56 percent gain, while the BRAC Bank 25 percent Subordinated Convertible Bonds lost the most, plummeting 6.23 percent.
In another development, Securities and Exchange Commission imposed a penalty of Tk 3 lakh on KHB Securities for violation of Rule 3(2) of the Margin Rules Act, 1999.
The Chittagong Stock Exchange also declined yesterday with the Selective Categories Index, CSCX of CSE, going down 203 points or 1.91 percent, to end the day at 10,461.
The port city bourse traded 59.64 lakh shares and mutual fund units worth Tk 42.18 crore. Losers beat advancers 159 to 11. A total of three securities remained unchanged.
-With The Daily Star input
