Dhaka, Bangladesh (BBN)- Dhaka stocks dropped for the fourth straight session on Tuesday, as negative aftermath of probe report on share scam continued to rattle the investors’ mood.
The market started upbeat in the morning, rising almost 150 points, spurred by the news of regulator’s clearance of ‘Bangladesh Fund’ but the buoyant trend was evaporated immediately as fears over the outcome of the probe report.
The DSE General Index (DGEN), the main index of the market, lost 68.23 points or 1.08 per cent to 6250, gaining highest 6468 in early trading and lowest 6242 in the final session.
Across the board the market fell as share prices of 86 per cent issues declined.
In a similar manner, trading activity also deteriorated as around 79.96 million shares changed hands, down 7.06 per cent over the previous session. All the major sectors, including banks, financial institutions, telecommunications and power, were down.
The market started positively after the regulator’s clearance to long waited Bangladesh Fund. But the bullish trend was outshone as the session progressed by the concern over negative aftermath of probe report, according to the daily market analysis of LankaBangla Securities.
A stockbroker said, selling pressure accelerated as days progressed over fears that suspected individuals and institutions may resort to taking their money out of the market after publishing the probe report.
On Monday, Securities and Exchange Commission gave nod to the country’s largest open-end mutual fund titled Bangladesh Fund worth Tk 50.0 billion. Of the fund, 75 per cent will be invested in the stock market.
The probe report submitted to the finance minister on March 7 named individuals and institutions is expected to publish by the government this week.
Beximco Limited, the flagship company of the Beximco Group, topped the turnover chart with shares worth Tk 277.3 million traded. It was followed by Bextex, Titas Gas, DESCO, Malek Spinning, Aftab Automobile and BSRM Steel.
BBN/KMS/SI-19Apr11-6:53 pm (BST)
