Dhaka stocks slump as polls-centric wariness grips market

Dhaka stocks on Sunday slumped with a fall in the share prices of two-thirds of the traded scrips as investors went for selling shares heavily amid polls-centric cautiousness.
DSEX, the key index of Dhaka Stock Exchange, lost 0.93 per cent, or 50.35 points, to close at 5,331.16 points on Sunday after gaining 0.73 points in the previous session.
After a flat opening, the DSEX began to dip sharply without any resistance as investors went for heavy share sales, market operators said.
Investors remained cautious on the trading floor as they were closely monitoring the political activities surrounding the national elections due by January 28, 2019, they said.
Election Commission secretary Helal Uddin Ahmed on October 18 said the schedule for the next parliamentary elections would be announced in the first week of November.
Newly announced alliance of opposition parties, Jatiya Oikya Front, said it would go for joint programme in the coming days to press for its 7-point demand for holding a free and fair national election.
The platform of BNP, Jatiya Oikya Prakriya and Jukta Front was launched on October 13. The turnover on DSE dropped further to Tk 439.59 crore on Sunday compared with that of Tk 476.33 crore in the previous trading session.
A section of investors might also go for profit-taking share sales after gains in recent days, market operators said.
A plunge in prices of the power sector stocks led the nosedive on Sunday, the opening day of the week, as the share prices of United Power Generation Company, Khulna Power Company and Summit Power declined significantly after their recent gains, stockbrokers said.
The average share prices of energy, textile, non-bank financial institutions and bank dropped by 2.7 per cent, 2.2 per cent, 1.2 per cent and 0.3 per cent respectively.
On the other hand, miscellaneous and telecommunication sectors advanced by 0.2 per cent and 0.1 per cent as Grameenphone, Bangladesh Export Import Company and Berger Paints Bangladesh surged on the day.
‘Investors’ watchful stance pulled down the index and notable selling of shares was observed in all the major sectors especially from power, food and textile,’ said EBL Securities in its daily market commentary.
Of the 336 companies and mutual funds traded on Sunday, 258 declined, just 49 advanced, and 32 remained unchanged.
DS30, the blue-chip index of DSE, also shed 0.61 per cent, or 11.74 points, to close at 1,884.32 points.
Shariah index DSES also slumped by 1.06 per cent, or 13.27 points, to finish at 1,230.26 points.
Khulna Power Company led the turnover chart with its shares worth Tk 26.62 crore changing hands.
IFAD Autos, Summit Power, VFS Thread Dyeing, United Power Generation Company, Shahjalal Islami Bank, Dragon Sweater, Bangladesh Export Import Company, Legacy Footwear and BBS Cables were the other turnover leaders.
United Insurance gained the most on the day with a 9.72-per cent increase in its share prices, while Rahim Textile Mills was the worst loser, shedding 13.85 per cent.
Source: http://www.newagebd.net

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