Stocks fall after a day’s rise

The Bangladesh stock market index fell after a day's rise in spite of an increase in the market turnover.

The DSEX, the benchmark index of Dhaka Stock Exchange (DSE), edged down 64 points, or 0.92 per cent, to 6,920 yesterday.

The Dhaka premier bourse witnessed a big fall in its benchmark index as the pessimist groups of investors were in the mood to make sales, said International Leasing Securities in its daily market review.

During the whole session, the market saw the benchmark index go downward in a gradual manner without no bullish manoeuvres, it said.

Investors' enthusiasm was apparent in the small market cap shares like jute, paper and printing and tannery via remarkable price surges as the stock exchange regulatory authority asked them to maintain at least Tk 30 crore in paid-up capital.

The Bangladesh Securities and Exchange Commission (BSEC) has ordered low paid-up capital based 64 listed companies to increase their capital. The commission issued separate letters to the companies in this regard on December 9.

In the letter, BSEC has asked the companies to ensure that figure meant as the capital be in place within next June 30.

According to the latest securities rules, every company needs to have at least Tk 30 crore as paid-up capital if they want to be listed.

However, sales pressure in the large market cap shares of financial institutions, life insurance, general insurance, textile and banking sectors tugged at the market, making it end up in the red, it added.

Aramit topped the gainers' list, rising 8.7 per cent, followed by Ambee Pharmaceuticals, Rahim Textiles, Bangladesh Monospool Paper Manufacturing Company and Information Services Network.

Turnover of the DSE rose 10 per cent to Tk 1,148 crore yesterday from the previous day's Tk 1,043 crore.

Stocks of ONE Bank were traded the most, worth Tk 88 crore, followed by Beximco, SAIF Powertec, Sonali Paper and Board Mills and Fortune Shoes.

ONE Bank shed the most, by 9.83 per cent, followed by Mithun Knitting, Phoenix Finance, Sena Kallyan Insurance and ACME Pesticides.

Chittagong Stock Exchange also dropped. The CASPI, the main index of the port city bourse, went down 196 points, or 0.96 per cent, to 20,265

Among the 297 stocks to undergo trade, 84 rose, 199 fell and 14 remained the same.