Markets finish down on sell-offs

Share prices declined on the bourses yesterday as selling pressure pushed down the stocks.
The benchmark general index of Dhaka Stock Exchange (DGEN) lost 36.56 points, or 0.57 percent, to close at 6,386 points, while the selective categories index of Chittagong Stock Exchange slumped 40.96 points, or 0.35 percent, to 11,540 points.
The general index of DSE started with a bull-run and gained 50 points within the first 10 minutes of trade.
But it quickly reversed, backed by the investors' selling pressure, and the index stared to lose points.
The market experts believe the new coupon rate of Bangladesh Government Treasury Bonds, which increased to 9.3 percent from 9.2 percent, will likely impact the capital market, said Green Delta Financial Services in its daily analysis.
Saiful Islam, vice-chairman of BRAC EPL Investment, said: “Institutional investors have adopted a wait-and-see policy. Some retail investors also went into profit-taking sales.”
Islam said the government should take proper actions as per the recommendations of the stockmarket probe committee.
The banking sector lost 0.85 percent, reaching 27 percent of the total market capitalisation. Of 30 issues, only IFIC Bank and Premier Bank closed positive.
Non-bank financial institutions lost 0.48 percent. Of 21 issues, only ICB closed green, while the fuel and power sector lost 0.96 percent, reaching 11.5 percent of the total market capitalisation.
Of the total 256 issues traded on the DSE floor, 157 declined, 98 advanced and one remained unchanged.
Daily turnover on the DSE soared to Tk 855 crore, up Tk 62.46 crore from the previous day.
Beximco topped the turnover leaders with 91.51 lakh shares worth Tk 26.80 crore traded on the day.
Active Fine Chemicals was the biggest gainer of the day, posting a 9.73 percent rise in share prices. Mercantile Insurance finished as the worst loser, slumping by 38.24 percent.
In another development, the Securities and Exchange Committee has increased the listing time of MJL Bangladesh Ltd by one week from April 14.