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Dhaka stocks slide for sixth consecutive day

Star Business Report
Dhaka stocks ended yesterday lower for the sixth straight day, led mainly by the falling prices of the shares of market heavyweight Square Pharma due to lower than expected dividend postings, market operators said.
A regulatory move that had earlier barred close-end mutual funds to issue rights or bonus shares to the existing unit holders also contributed to the downturn, sending many investors raiding.
Upbeat in the morning trade, the market began to fall as Square Pharma posted 40 percent cash dividend and 35 percent stock dividend for the year2008.
Square Pharma shares, third on the day in terms of turnover, lost 7.49 percent toTk 4671.75.
"Square Pharma's dividend declaration has discouraged many of the investors as they expected higher dividends from the company," said a brokerage house executive.
Pharma shares ended lower with shares from banking, financial institutions, mutual funds, and power and fuel sectors following the downward trend.
The benchmark (DGEN) or DSE General Index slumped 48.590 points or 1.69 percent to close at 2810.36. The DSI or All Shares Price Index shed 30.274 points or 1.21 percent to end at 2453.13.
The blue chip or DSE - 20
Index fell 14.478 points or 0.55 percent to finish at 2585.77.
"I have already sold all the shares in my portfolio. Many of the investors are doing the same due to frequent changes in SEC's (Securities and Exchange Commission) decisions," a retail investor said, adding that he incurred a loss of about Tk 46 lakh resulting from the bar on mutual fund imposed by the SEC.
Turnover on the bourse however increased to Tk 406 crore from Tk 307 crore of the previous day, backed by a sharp rise in UCBL’s share.
UCBL shares, which topped the turnover table on the day, surged 18.13 percent to Tk 6628.25.
Of the other top issues in terms of turnover, Beximco Pharma dropped while ACI and BATBC ended higher.
British American Tobacco said the half yearly net profit increased to Tk 69.04 crore in the six months to June 2008 fromTk36.21 core a year earlier.
Meanwhile, none of the shares of Rupali Bank were traded for the second day. On Sunday on resumption of its trade tiny share of the bank did not change hands.
Market operators on Sunday said due to the circuit breaker the buyers were unable to offer prices any lower than Tk 2614.
Losers outnumbered gainers with 46 issues gaining, 174 declining and 11 closing unchanged.