Some investors take fund off market ahead of polls

Dhaka Stock Exchange (DSE) has witnessed an outflow of a handful of funds in the run-up to the national election slated for December 29, a senior official of the country's prime bourse said yesterday.
According to findings by the DSE, Tk 10 crore in different transactions has gone out of the market in an apparent sign of election spending, said the official, asking not to be named.
Up to six individual investors, who are now in the election race, took the money off the market through selling their shares in different companies, the official said.
“However the amount is very insignificant compared to the market volume,” the official said, adding that the market capitalisation and turnover trend shows the fund withdrawal would not put any impact on the market.
As of yesterday, market capitalisation was Tk 98,590.57 crore. Last week, daily average turnover on the DSE was Tk 133.65 crore, which was Tk 183.84 crore a week ago.
Meanwhile, sales of shares driven by profit-taking pulled Dhaka stocks down slightly yesterday after a two-day rally.
Investors tried to make some profit from the market, which gained on Sunday and Thursday.
DSE General Index, the benchmark index of DSE, fell 6.33 points, or 2.44 percent to 2,584.61 points. The DSE All Share Price Index also declined 3.49 points, or 1.49 percent to 2,142.21 points.
The market started quite positively and gained about 15 points in the opening 30 minutes. The DGEN made a sharp decline and went about 12 points down.
In the next 60 minutes, the DGEN gained some points after recovering the losses. For the next 60 minutes, the market kept falling and came down to the day's low of 2575 mark at one point.
For the next 45 minutes, the market moved up slightly and showed an upward movement for the following 60 minutes. By the end of trading, the DGEN lost just over 6 points on Sunday.
A total of 1,30,83,646 shares worth Tk 204.31 crore changed hands on the premier bourse.
The majority of securities traded down. Of the 234 traded issues, 101 advanced, 122 declined and 11 remained unchanged.
Shinepukur Ceramics topped the turnover leaders on the DSE with 19,29,800 traded shares worth Tk 14.87 crore. The other turnover leaders were Summit Power, Titas Gas, Beximco, ACI Formulations, Beximco Pharma, Uttara Bank, National Bank, LankaBangla Finance and Brac Bank.
Chittagong stock also posted a fall. The CSE Selective Categories Index declined 33.28 points, or 0.62 percent to 5,257.09 points, while the CSE All Share Price Index slid 46.28 points, or 0.56 percent to 8,082.88 points.
A total of 32,13,595 shares worth Tk 43.16 crore changed hands on the Chittagong Stock Exchange. Of the 129 traded securities on the port city bourse, 31 advanced, 95 declined and three remain unchanged.
Beximco topped the turnover leaders on the CSE with 2,59,300 traded shares worth Tk 4.28 crore. Other turnover leaders were Beximco Pharma, City Bank, Summit Power, Titas Gas, Meghna Petroleum, AB Bank, ACI Formulations, Grameen Mutual Fund One: Scheme Two and Shinepukur Ceramics.
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