Bangladesh: Stocks fall for ninth day, turnover hits fresh 9-month low

Dhaka, July 14, 2014 (New Age): Dhaka stocks declined for the ninth trading session on Sunday with the turnover hitting fresh nine-month low due to low participation of institutional invests since the June 30 half-yearly closing. The key index of Dhaka Stock Exchange, DSEX, lost 0.42 per cent, or 18.72 points, to close at 4,344.36 points on the day. The DSEX shed142.71 points in the last nine trading sessions. Frustrated by the continues fall in the share prices, a section of retail investors formed human chain in front of the Bangladesh Securities and Exchange Commission’s office at Motijheel in the city during the trading hour on Sunday. They demanded that the government should intervene into the market to save it from further fall and to rescue the investors who have been suffering from huge losses since the market crash in 2010-2011. Market operators said that the market was suffering from lack of intuitional investors’ participation on the trading floor which was the main reason for the continuous fall in the share prices. Institutional investors are waiting to buy shares at cheaper prices, they said. Operators said amid the downward trend retail investors were suffering from lack of confidence. Unless the institutional investors increase their participation on the trading floor, the market will not get a positive momentum, they said. Turnover of the bourse declined to Tk 149.96 crore on Sunday from that of Tk 177.21 crore in the previous trading session. Sunday’s turnover was the lowest after Tk 110.43 crore on October 20 last year. Turnover of the bourse had declined to Tk 157.49 crore on Wednesday last week. DS30, blue-chip index of the bourse, finished at 1,595.27 points, shedding 0.56 per cent or 9.12 points. The Shariah index of the DSE, DSES, fell by 0.66 per cent, or 6.63 points, to close at 990.26 points. Of the 291 shares and mutual funds traded on Sunday, 63 advanced, 179 declined and 49 remained unchanged. BEXIMCO led the turnover leaders with it shares worth Tk 12.08 crore changing hands on the day. The company gained the most with an 8.50-per cent increase in its share price. Grameenphone, Lafarge Surma Cement, Far Chemical Industries, Olympic Industries, Square Pharmaceuticals, United Airways, Square Textile, Generation Next Fashions and Padma Oil were among the other turnover leaders. MIDAS Financing lost the most, shedding 10 per cent. The share prices of the company had advanced significantly after the BSEC had approved its rights offering.