Dhaka, Bangladesh (BBN)-Dhaka stocks witnessed sharp decline on Wednesday, a day after sudden suspension of trade as key index plunged more than three per cent amid street protest by the investors.
Market insider said that the panicky situation still prevailing in the market and investors sold-off shares, fearing further fall of the market as investors not convinced by the Securities and Exchange Commission (SEC) chairman’s press briefing.
Trading at the DSE was start half an hour latter on the day following a press briefing of the SEC where SEC Chairman Professor M Khairul Hossain said that the government did not take any new decision that the public servants could not invest in stock market.
Fearing negative impacts on the capital market by the restriction investment in the stocks by government employees, the DSE and CSE board suspended Tuesday’s trading.
The market opened with a sharp decline and DGEN plunged 177 points within five minutes. However, it started to rise afterwards and was on the positive zone at 12:45pm. The index returned to the downtrend again after a few minutes and continued till the closure and finally ended 167.72 points lower.
The benchmark general index of the Dhaka Stock Exchange, generally known as DGEN, slipped 168.72 points or 3.346 per cent to close at 4,695.57 points on the day.
However, turnover value stood at BDT 3.16 billion in value terms, against BDT 3.18 billion in the previous session.
The losers took a strong lead over the gainers as out of 255 issues traded, only 14 advanced, 239 declined and two remained unchanged.
RN Spinning was the topped turnover chart with shares worth BDT 155.97 million changing hands.
Jute Spinners was the day’s highest gainer posting a rise of 4.09 percent while Modern Dyeing was the worst loser.
BBN/SSR/AD-18Jan12-8:50 pm (BST)