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Friday, March 20, 2009

Stocks on losing curve

Indices on the Dhaka Stock Exchange continued to fall for a fourth day with the single-day turnover touching the highest-ever level of Tk 647.97 crore yesterday.

The previous highest single-day turnover was recorded at Tk 611.98 crore on March 12.

Apart from a liquidity glut in the market, investors' quick transition from one stock to another to book short-term gains was part of the reason for the highest turnover during the last couple of weeks, market analysts said.

“The investors become short-term traders. Their quick move from one security to another increase turnover,” Arif Khan, deputy managing director of IDLC Finance, told The Daily Star.

Interest rate cuts by the central bank and higher margin loans provided by merchant banks and brokerage houses to investors created a liquidity glut in the market, he said.

The benchmark index of the premier bourse, DSE General Index, fell 7.36 points, or 0.28 percent, to 2,622.77. The DSE All Share Price Index marginally declined 8.23 points, or 0.37 percent, to 2,179.26.

The decliners beat the advancers 143 to 110. Five scrips remained unchanged. A total of 3,54,47,170 shares traded on the prime bourse.

Summit Power topped the turnover leaders with 4,13,100 traded shares worth Tk 47.43 crore.

The day's other turnover leaders were Beximco, Beximco Pharma, BSRM Steels, Titas Gas, S Alam Cold Rolled Steels, Eastern Housing, Summit Alliance Port, Aftab Automobiles and Shinepukur Ceramics.

Chittagong stocks also recorded a fall. The CSE Selective Categories Index declined 30.02 points, or 0.72 percent, to 5,207.05. The CSE All Share Price Index fell 58.92 points, or 0.72 percent, to 8,068.40.

A total of 65,99,365 shares worth Tk 74.40 crore changed hands on the port city bourse. Of the 172 traded securities, 71 advanced, 98 declined and three remained unchanged.

Beximco topped the turnover leaders on the CSE with Tk 4.52 crore in 2,08,800 traded shares.

Other turnover leaders were Summit Power, Beximco Pharma, Jamuna Oil, BSRM Steels, Shinepukur Ceramics, Aftab Automobiles, Eastern Housing, Meghna Petroleum and AIMS 1st Mutual Fund.

The daily star



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