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Shares see slight recovery Saturday

Capital market gives crisis look over week

By Rafiq Hasan
The country's stock market went through a crisis through out last week, with share prices falling for seven consecutive days, but bounced back a bit yesterday with a 20-point index rise on DSE.
Market indicators of the two stock exchanges continued to fall over the week due to what brokers said reduced money supply and a serious erosion In investors' confidence.
Capital market experts and brokers said it was very difficult to bring back those investors who had once burnt their fingers in the stock bus! ness.
The DSE members had earlier claimed that the netting system of trade settlement would help improve the situation. The volume of trade went up as predicted, but prices plummeted.
Market players and traders attributed the fall in prices to heavy selling of some blue chip Issues. "Losers dominated the floor almost everyday which contributed to the decline in all market indicators," said a trader.
"A kind of panic has gripped the investors who are selling
the scrips belonging (o a bus! nes.S conglomerate following media reports of large scale fl nancial corruption by the group." another trader said.
Ir.t fact, almost every Bex-imco Issue suffered during the last f. fw weeks.
With 10 companies whose shartis are traded on the stock excha Inges, the group has a considerable stake in the total market capitalisation of DSE andCSE.
The DSE Index fell by 56.67 points last week, giving a further n.iomentum to the declining trend, which started at the beginning of this month.
The index closed at 907.50 points on Thursday.
The ; market capitalisation lost Tk; 283.89 crore over the week, going down to Tk 7749.24 crore from the previous week's Tk 8233.13 crore.
On an average. 5.92 lakh shares arid debentures valued at Tk 8.51 Crore changed hands everyday. Out of 143 traded* issues traded every day on an average. pri Ces of 99 declined and only 41 rose . Only one remained unchanged.
The CSE index fell by 17.40 points and market capitalisa-
tlon of the bourse lost Tk 278 crore during the week.
The CSE index closed at 391.60 points from 409 points in the previous week.
The market capitalisation went down to Tk 6357.82 crore from Tk 6636 70 crore.
According to DSE members the market also suffered due to presence of huge fake certificates on the kerb market In particular. Normally, when the book closure of a company comes nearer many traders tend to sell their stocks trying to run away with an early profit.
Shareholders of Beximco companies, some of which are So hold AGMs in the next weeks, were desperate to aw, fearing certificates forgeries.
Besides, market players and investors were also frustrated because of government's failure in keeping commitments to delivering Funds to the state-owned ICB.
Participation of other two state-owned financial institutions —BSRS and B SB — which entered the market recently was also not encouraging, dealers said.