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November 19, 2009
Dhaka stocks suffered a steep
decline yesterday, as most
sectors went down, led by a
fall in the prices of
Grameenphone.
Insiders said the market was
passing through a tensed phase
ahead of a crucial verdict on
the Bangabandhu killing case.
“It's going to be a major
event in Bangladesh's history.
And investors are on a
'wait-and-see' mode that
partly impacted the market,”
said a market analyst.
The benchmark index of Dhaka
Stock Exchange, DSE General
Index, dropped by 72.04
points, or 1.73 percent, to
4,077.77.
“The gain in the banking
sector was not strong enough
to pull the market as other
sectors went down together
with the telecom sector,”
BRAC-EPL, an investment firm,
said in an analysis.
The banking sector gained 0.86
percent. Of the highest
gainers, City Bank jumped by
7.29 percent and One Bank by
7.04 percent.
According to the BRAC-EPL
analysis, price depreciation
in Grameenphone shares pulled
the market down throughout the
session.
Grameenphone closed at its
lowest on the third day of its
trade on the DSE. The price
went down 7.54 percent to Tk
158.20 at the end of the session.
The leading cellphone operator
joined the stock market with
135 crore ordinary shares of
Tk 10 each. However, the offer
price was Tk 70 per share, of
which Tk 60 was premium. It
raised Tk 486 crore through an
initial public offering (IPO)
and another Tk 486 crore
through pre-IPO or private
placement.
The broader DSE All Share
Price Index plunged 54.66
points, or 1.58 percent, to
3,383.38.
Losers beat advancers 145 to
89 with one security remaining
unchanged. A total of
2,67,94,963 shares and mutual
fund units worth Tk 816.14
crore traded on the premier
bourse.
Source: The Dailystar
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