Dhaka stocks fall as investors await Nizami verdict

October 29, 2014

Dhaka stocks fell on Tuesday as some investors went for sell-offs while many others took a wait- and-see policy following media reports that the International Crimes Tribunal-1 will deliver verdict in war crime case against Jamaat chief Motiur Rahman Nizami today.
The key index of the Dhaka Stock Exchange, DSEX, declined to 5,128.84 points, shedding 0.55 per cent or 28.40 points.
Although the market began in a positive note in continuation of Monday’s gain and advanced by 36 points after half an hour of trade, but stocks began to slide at around 11am following media reports about Nizami verdict.
Market operators said some investors went for sell-offs fearing fall in share prices in the wake of Nizami verdict as Jamaat men went into violent movements after almost all the previous verdicts against other Jamaat leaders on war crimes charges.
Many investors took a wait-and-see policy until the Nizami verdict, resulting in a slow trade.
Turnover of the bourse declined to Tk 462.59 crore on Tuesday compared with that of Tk 505.05 crore in the previous trading session.
DS30, the blue-chip index of DSE, declined by 0.66 per cent, or 12.98 points, to close at 1,933.53 points on the day.
The Shariah index of the bourse, DSES, stands at 1,206.86 points, shedding 0.53 per cent or 6.53 points.
Of the 304 shares and mutual funds traded on the day, 96 advanced, 175 declined and 33 remained unchanged.
‘Fear of further fall continued taking toll on investors’ sentiment as well as market,’ IDLC Investments said in its daily market commentary.
‘Hence, the bourse could not hold its positivity longer and sequentially got sliced,’ it said.
‘In spite of better earnings disclosures, market level negativity dwindled away market momentum,’ said IDLC.
‘Market experienced some early gains, where some stocks pulled back off their ground as investors remained cautious seeing corporate earnings of companies,’ LankaBangla Securities said in its daily market analysis.
‘NBFI stocks tumbled by 2.90 per cent during the session while banks continued to rally on revival of quarterly earnings with 0.20 per cent return in market capitalisation,’ it said.
CVO Petrochemical Refinery led the turnover chart on the day as its shares worth Tk 28.19 crore changed hands.
Summit Purbanchol Power Company, Grameenphone, Brac Bank, MJL Bangladesh, Square Pharmaceuticals, Khuna Printing and Packaging, LankaBangla Finance, Keya Cosmetics and Saif Powertec were among other turnover leaders.
Shahjibazar Power Company gained the most for another trading session on Tuesday as its share prices rose by 9.95 per cent, while LankaBangla Finance lost the most shedding 8.94 per cent.

-With New Age input

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