Stocks slip after four-day rally

Share prices fell yesterday after a rally of four days following a rumour that the government would raise question of the source of undisclosed money to be invested in the stockmarket.
The benchmark General Index of the Dhaka Stock Exchange, DGEN, sank 77.24 points or 1.48 percent to end the day at 5,155.17.
National Board of Revenue Chairman Nasiruddin Ahmed told The Daily Star that the government has far not taken any decision to question the source of undisclosed money to be invested in stocks.
The market declined following the rumour, said Akter H Sannamat, a chartered accountant and market analyst.
“Investors once again will lose confidence if the government does not allow undisclosed money in the stockmarket,” said Sannamat.
He said allowing undisclosed money in the stockmarket also helps strengthen the economy.
Earlier, the market became buoyant after the tax administrator on November 21 had asked people to invest undisclosed money in stocks without fear.
However, the market started with a negative note yesterday and lost more than 50 points within the first trading hour.
A total of 1.11 lakh trades were executed, generating a turnover of Tk 360 crore with 7.33 crore shares being traded on the Dhaka bourse. The turnover declined 28.1 percent compared to the previous day.
Of the total 260 issues traded on the premier bourse, 218 declined and 34 advanced. A total of eight issues remained unchanged.
Among the major sectors, pharmaceuticals was the biggest loser as it fell 1.59 percent, while telecommunication, power and banking stocks lost more than 1 percent each. Non-bank financial institutions shed 0.50 percent.
United Airways topped the turnover leaders with 50.25 lakh shares worth Tk 12.14 crore changing hands.
The Chittagong Stock Exchange also declined with its Selective Categories Index losing 128.11 points or 1.34 percent to end the day at 9,375.32.