Dhaka stocks fall amid fears of increased selling pressure
Dhaka stocks fell today amid concerns among investors that liquidity flow to the market may fall after Bangladesh Bank's directive to banks to curb channeling of stimulus funds to unproductive sectors, including share market.
DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), dropped 20.18 points, or 0.31 per cent, compared to the previous day to hit 6,404 today.
Yesterday, Bangladesh Bank directed the country's lenders to increase monitoring on how loans from the stimulus packages were being used as the Banking regulator found some cheap funds being channelled into unproductive sectors like stock market.
If investors squeeze their participation due to the order then it will impact the stock market, so investors preferred taking profits, said a stock broker.
The stimulus fund should not come here, he said, adding that many investors are now active in the market so they should not fear about liquidity crunch in the market.
However, turnover, an important indicator of the market, rose 5.4 per cent to Tk 1,428 crore.
At the DSE, 111 stocks advanced, 229 fell and 34 remained unchanged.
Baraka Patenga Power topped the gainers' list that rose 9.93 per cent followed by Global Heavy Chemicals, Sonali Paper & Board Mills, Familytex Bd, and Central Insurance.
Stocks of Baraka Patenga Power traded mostly that worth Tk 75 crore followed by SAIF Powertec, British American Tobacco Bangladesh, Beximco Ltd, and Fu-Wang Ceramics.
ICB AMCL Second Mutual Fund shed mostly that fell 5.7 per cent followed by Shinepukur Ceramics, Index Agro Industries, Usmania Glass Sheet Factory and Purabi General Insurance.