Stocks fall for 4th day on polls-centric political worries

Dhaka stocks dropped for the fourth consecutive session on Monday as investors remained concerned about the market trend amid the rising political activities surrounding the 11th parliamentary elections.
DSEX, the key index of Dhaka Stock Exchange, lost 0.26 per cent, or 14.04 points, to close at 5,224.94 points on Monday. The DSEX shed 74 points in last four sessions.
The market opened with positive trend but did not sustain the vibe for long and dipped as investors went on selling shares amid the current political situation, market operators said.
They said political parleys ahead of the national polls made investors alert.
Prime minister and ruling Awami League president Sheikh Hasina has been holding dialogues with different political alliances and parties over the upcoming election.
AL general secretary Obaidul Quader said on Sunday that the prime minister would sit with Jatiya Oikya Front leaders for the second time on Wednesday to discuss the newly formed opposition alliance’s demand for free, fair and credible elections.
Jatiya Oikya Front would hold a rally at Suhrawardy Udyan in the capital on Tuesday. Election Commission on Sunday decided that it would declare the schedule for the 11th general elections on Thursday.
‘The capital market witnessed another downbeat session as the majority of investors kept their cautious stance intact. The market started with positive vibe but within an hour shaky investors went for sell-off amid the ongoing volatile market trend,’ said EBL Securities in its daily market commentary.
The average share prices of energy, textile, cement and telecommunication dropped by 2.00 per cent, 1.15 per cent, 0.97 per cent and 0.39 per cent respectively.
On the other hand, a section of investors went for bargain hunting with anticipation that the DSE share sales proceeds of Tk 900 crore and Investment Corporation of Bangladesh’s bond proceeds of Tk 2,000 crore would be injected in the capital market, stockbrokers said.
The average share prices of non-bank financial institutions and food gained 0.3 per cent and 0.1 per cent respectively. The turnover on DSE inched down to Tk 538.20 crore on Monday compared with that of Tk 539.32 crore in the previous trading session.
Of the 336 companies and mutual funds traded on Monday, 153 declined, 125 declined and 61 remained unchanged.
DS30, the blue-chip index of DSE, also lost 0.23 per cent, or 4.40 points, to close at 1,848.26 points.
Shariah index DSES dropped 0.55 per cent, or 6.66 points, to finish at 1,204.72 points. Khulna Power Company led the turnover chart with its shares worth Tk 29.26 crore changing hands.
Shiham Textile, Nurani Dyeing, Intech Limited, Dragon Sweater, Intraco Refueling Station, Saiham Cotton Mills, VFS Thread Dyeing, Peninsula Chittagong and Advent Pharma were the other turnover leaders.
Bangladesh Shipping Corporation gained the most on the day with a 9.78-per cent increase in its share prices, while Stylecraft was the worst loser, shedding 78.92 points.
Source: http://www.newagebd.net

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