Stocks falling on tussle over DSE strategic partner

Stocks continued to fall yesterday because of weak investor confidence and the prevailing liquidity crisis in the financial sector.

DSEX, the benchmark index of the premier bourse, fell 67.79 points or 1.17 percent before finishing the day at 5,705.57.

“The risk-averse investors continued their selling spree amid the wary market trend and ongoing liquidity crisis coupled with ambiguity over the DSE's share sales to strategic partner,” EBL Securities said in its daily market review.

The tussle between the DSE and Bangladesh Securities and Exchange Commission (BSEC) over the selection of a strategic partner took a toll on investor confidence, it said.

The BSEC will soon take the final decision on the strategic partner, a high official of the stockmarket regulator said. Turnover, another important indicator of the market, rose 25.98 percent to Tk 298.24 crore with 8.16 crore shares and mutual fund units changing hands on the DSE.

Of the traded issues, 30 advanced, 273 declined and 30 closed unchanged on the premier bourse.

Monno Ceramics dominated the turnover chart with 14.43 lakh shares worth Tk 20.34 crore changing hands, followed by Dragon Sweater, Grameenphone, Square Pharmaceuticals and Apex Foods.

Among the major sectors, non-bank financial institutions declined 2.13 percent in market capitalisation followed by textiles with a 1.83 percent fall, engineering 1.68 percent and bank 1.60 percent.

No sectors increased in market capitalisation yesterday.

ICB AMCL Second Mutual Fund was the day's best performer with a 3.84 percent gain followed by Apex Foods 3.71 percent and Standard Insurance 2.64 percent.

Sonargaon Textiles was the worst loser, shedding 9.70 percent followed by Monno Ceramics 8.88 percent and Meghna Pet Industries 8.60 percent.

The port city bourse Chittagong Stock Exchange (CSE) also fell yesterday with the bourse's benchmark index, CSCX, declining 136.63 points to finish the day at 10,654.36.

Losers beat gainers as 191 declined, 14 advanced and 13 finished unchanged on the CSE. A total of 55.22 lakh shares and mutual fund units changed hands with a turnover of Tk 47.35 crore.