Dhaka, Bangladesh (BBN)- Stocks returned to the negative territory on Monday after fluctuations, losing almost what both the bourses - Dhaka and Chittagong - gained in the previous session.
Market analysts said investors remained optimistic as there was no negative impact of a High Court rule on the Securities and Exchange Commission's directive on minimum shareholding by sponsors.
Selling pressure by investors for profit-booking pushed down the market.
Market jitters might somewhat have eased as the DSE authorities met Attorney General Mahbubey Alam to discuss a writ petition filed by a contender for NCC Bank's directorship with the HC, the analysts added.
Mr. Alam said he would back the SEC's directive for sponsors to hold a minimum of 2 percent stakes individually as the notice had been issued to safeguard greater interest of the stock market, which made investors optimistic.
The market witnessed volatility and DGEN dropped more than 50 points within five minutes. After that, it recovered later and finally closed only 7.72 points lower.
The benchmark General Index, the gauge of Dhaka Stock Exchange--- (DGEN), ended at 5,099.04, losing 7.72 points or 0.15 percent. On Sunday, it gained 7.85 points.
The turnover value increased slightly to BDT 6.89 billion against BDT 6.80 billion in the previous session.
However, most of the issues traded at the DSE lost in prices on the day. Out of 256 issues traded, 162 declined, 83 advanced while 11 remained unchanged.
Titas Gas continued to top the turnover chart with shares worth BDT 387.93 million changing hands.
GSP Finance, which made debut at the DSE Monday, was the day’s highest gainer posting a rise of 109.20 per cent while Active Fine was the worst loser.
On the other hand, the Chittagong Stock Exchange (CSE) key index, CSCX, also slipped 13.13 points to close at 9502.64 at the end of the day’s trading.
The CSE index gained over 22 points till 12:30 pm although it shed 120.69 points at 11:30 am. The CSE key index gained 36.48 points on Sunday.
Of the issues traded at the CSE, 42 advanced, 137 suffered losses and seven remained unchanged.
The CSE turnover stood at BDT 678.50 million as against BDT 568.30 million and BDT 533.70 million recorded on Sunday and Thursday respectively.
BBN/SSR/AD-10Apr12-9:50 am (BST)
