Stocks clock losses on rumours | The Daily Star
12:00 AM, October 12, 2017 / LAST MODIFIED: 12:09 AM, October 12, 2017

Stocks clock losses on rumours

Shares on the Dhaka Stock Exchange suffered losses again yesterday on rumours that the central bank may fine some more overexposed banks.  

The broader DSEX index lost 33.24 points to close at 6,108.57.

Earlier on Monday, the key index fell 76.60 points, or 1.23 percent, to end the day at 6,128 because of a heavy selling pressure from retail investors.

It was the steepest single day slide since April 23 and came after Bangladesh Bank fined seven banks for flouting stock rules.

But the market bounced back the following day with the DSEX advancing nearly 13 points.

It also started the day with a positive note and at 11.43am, the broad index reached 6,214.67 points. The market, however, failed to sustain the momentum at the end. “We saw a freefall of share prices since 12 o'clock. We got shares at whatever prices we quoted,” said a chief operating officer of a merchant bank. Daily turnover, however, rose to a 14-day high of Tk 1,092 crore, up 42.7 percent from the previous day.

Banking stocks, a top choice among investors for a couple of months, were down 0.8 percent, while non-banking financial institutions shed nearly 1 percent.

However, City Bank was an exceptional stock as its price increased by Tk 0.3 to close at Tk 47.1. It was also the most traded share with a turnover of nearly Tk 56 crore.

Among the major sectors, telecom and engineering posted positive return.

Style Craft was the top gainer of the day posting about 60 percent rise riding on the declaration of hefty dividends – 10 percent cash and 80 percent stock for the year that ended on June 30, 2017. The garment exporter's share rose by more than Tk 1,028 to Tk 2,750.

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