Dhaka stocks slip

Dhaka stocks fell slightly yesterday amid a spell of confusion that surfaced over the government's pledges about the capital market.

Although the government has sent out a message of its commitment through the market regulator, the investors are waiting for a clear positive statement from the government itself, analysts said.

The Securities and Exchange Commission said on Tuesday Finance Minister AMA Muhit will visit the commission soon and sit with the regulator and stock exchanges authorities to discuss the problems and prospects of the market.

"The decline seems irrational. It appears that investor confidence is still low," said Mahmudul Bari, deputy general manager of the merchant banking division of IDLC Finance.

“Investors are failing to look at the bright side of the market,” he said, adding that it is however a temporary phenomenon. “The investors will start buying soon,” he hoped.

The benchmark index of Dhaka Stock Exchange, DSE General Index, fell 7.75 points, or 0.29 percent, to 2,664.89 points. The DSE All Share Price Index also declined 3.68 points, or 0.16 percent, to 2,204.75 points.

A DSE delegation meets the finance minister today, as the meeting, set for yesterday, was eventually cancelled.

The market started with a momentum and gained about 40 points in the opening 60 minutes.

In the next 30 minutes, the market lost about 20 points. Then the market gained in a bullish trade that lasted about 30 minutes.

Gainers however dominated the losers on the DSE. Of the 258 traded issues, 146 advanced, 105 declined and seven remained unchanged.

A total of 2,73,06,086 shares worth Tk 299.54 crore changed hands on the premier bourse.

Beximco Pharma topped the turnover leaders on the DSE with 20,31,300 traded shares worth Tk 34.08 crore. The other turnover leaders were Titas Gas, Shinepukur Ceramics, Beximco, BSRM Steels, Summit Power, Apex Tannery, Quasem Drycells, Uttara Bank and Apex Adelchi Footwear.

Chittagong stocks also marked a slight fall. The CSE Selective Categories Index declined 31.19 points, or 0.58 percent, to 5,342.69 points. The CSE All Share Price Index also dropped 40.65 points, or 0.49 percent, to 8,210.92 points.

A total of 46,44,746 shares worth Tk 41.02 crore changed hands on the Chittagong Stock Exchange. Of the 154 traded scrips on the port city bourse, 80 advanced, 70 declined and four remain unchanged.