Dhaka stocks plunge to 3-month low

The Dhaka Stocks plummeted by 1.26 percent to its three months’ low due to a huge panic sell from the general investors amid the institutional investors’ lower participation.

Market insiders said general investors are panicked with a rumor that is—tax identification number (TIN) would be compulsory for stock investors.

However, the Dhaka Stock Exchange’s (DSE) top officials denied the possibility saying National Board of Revenue (NBR) did not urge the bourses to do so. They urged the Insurance sector to keep TIN for their policy holders and asked the bourses’ officials whether it is compulsory or not for the stock investors in a pre-budget meeting.

“The NBR did not ask the bourses to keep TIN from investors.”

The DSEX, the benchmark index of the premier bourse, declined 69.97 points finishing the day at 5,452.19.

However, turnover, another important indicator, increased 9.53 percent to Tk 451.36 crore, with 8.38 crore shares and mutual fund units changing hands on the Dhaka Stock Exchange (DSE).

Of the traded issues, 54 advanced, 264 declined and 28 securities closed unchanged on the premier bourse.

United Power Generation dominated the turnover chart with 13.73 lakh shares worth Tk 54.77 crore changing hands, followed by British American Tobacco Bangladesh, Grameenphone, Monno Ceramics and Bangladesh Submarine Cables.

United Insurance was the day’s best performer with 9.90 percent gains, while United Power Generation was the worst loser, shedding by 7.10 percent.

Chittagong stocks closed low with the bourse’s benchmark index, CSCX, declining 118.90 points or 1.15 percent to finish the day at 10,133.89.

Losers beat gainers as 168 declined, 52 advanced and 16 finished unchanged on the Chittagong Stock Exchange.

The port city bourse traded 45.28 lakh shares and mutual fund units worth Tk 78.45 crore.
Source: https://www.thedailystar.net

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