Dhaka stocks drop as political activities make investors jumpy

Dhaka stocks dropped on Sunday after a four-day gain as rising political activities ahead of the 11th parliamentary polls kept investors jumpy on the trading floor.
DSEX, the key index of Dhaka Stock Exchange, lost 0.55 per cent, or 29.70 points, to close at 5,276.24 points on Sunday after gaining 61 points in the previous four sessions.
The key index started falling from the beginning of the day and descended more firmly into the negative territory as the time progressed as investors went for profit-taking sales amid cautiousness, market operators said.
They said that investors became watchful as the political activities surrounding the national election surged.
Ruling party Awami League on Sunday morning issued nomination letters to the party candidates for the general election scheduled to be held on December 30 while opposition alliance Jatiya Oikya Front declared to finalise its candidates by Wednesday.
The financial sector led the dive on Sunday with share prices of non-bank financial institution and bank sectors losing by 1.21 per cent and 0.92 per cent respectively.
Out of the 30 traded bank scrips, 26 dropped, just one advanced and three remained unchanged while out of the 23 NBFIs, 21 dropped, one advanced and one remained unchanged.
Share prices of telecommunication, textile and pharmaceuticals dropped by 0.81 per cent, 0.70 per cent and 0.58 per cent respectively.
Among the prominent scrips, Square Pharmaceuticals lost 1.15 per cent and Grameenphone shed 0.30 per cent that contributed most to the decline on the day.
The market had witnessed gains in the previous four trading days due to some institutional supports and bargain hunting by a section of investors, stockbrokers said.
They said some investors anticipated that the market could get momentum after the national polls.
Average share prices of engineering, miscellaneous and food gained 0.56 per cent, 0.42 per cent and 0.52 per cent respectively on Sunday, the opening day of the week.
The turnover on DSE increased to Tk 569.45 crore on Sunday compared with that of Tk 552.64 crore in the previous trading session.
Share prices of energy, engineering and textile sectors dropped by 1.03 per cent, 0.66 per cent and 0.45 per cent respectively.
Of the 336 companies and mutual funds traded on Sunday, 184 declined, 110 advanced and 31 remained unchanged.
DSE blue-chip index DS30 declined by 0.72 per cent, or 13.52 points, to close at 1,856.44 points.
Shariah index DSES shed 0.52 per cent, or 6.49 points, to finish at 1,221.05 points.
Khulna Power Company led the turnover chart with its shares worth Tk 32.13 crore changing hands.
Intech Limited, SK Trims, Saiham Cotton, United Power Generation Company, Wata Chemicals, Paramount Textile, Kattali Textile, Shepherd Industries and IT Consultants were the other turnover leaders. IT Consultants gained the most on the day with a 9.25-per cent increase in its share prices, while Kohinoor Chemicals Company was the worst loser, shedding 19.14 per cent.
Source: http://www.newagebd.net

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