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Stocks slump amid investors1 shakiness in buying

Star Business Report
Stocks slumped yesterday as the leading sectors such as bank and pharmaceuticals fell amid investors' shakiness in buying.
The market started sliding just after the beginning of trade. It recovered a bit at the midday session but went negative until the closing of trading.
Operators linked the down turn to a number of factors such as investors' move to cash funds for subscribing the coming public offers from leading cell phone operator GrameenPhone, which has recently submitted its draft prospectus to the Securities and Exchange Commission.
While the slow pace of selling of the shares of state-run Titas Gas. which will be needed to sell about 86 lakh shares by August 13, has also affected sentiment of investors, expecting that the price ofTitas might go below the present level if it faced forced
sale, operators said.
Banking sector, the life line of the market, closed significantly lower with Social Investment Bank, lYust Bank, BRAC and City Bank were the main losers.
The non-banking financial institutions also dropped led by People's Leasing, Prime Finance, IPDC and BD Finance lost more than 6 per cent. Other leading sectors such as pharmaceuticals, power and mutual hinds also lost amid sell-offs.
The benchmark DSE (Dhaka Stock Exchange) General Index slumped 71.11 points or 2.57 percent to 2689.93. The DSI or All Share Price Index shed 58.80 points or 2.48 percent to 2310.22. The blue chip or DSE-20 Index lost 64.76 points or 2.56 percent to 2461.47.
TYirnover also dropped to Tk 219.60 crore from Tk 269.61 crore.
However Sharif Ataur
Rahman, who facilitates deals at the SAR Securities, observed that the present situation in the market is 'temporary.'
"Investors should look into price-earning ratio of companies rather than looking at the indices," he said, adding that share prices of a number of scrips have become cheaper following the adjustment in the previous days.
Square Pharmaceuticals, the leader turnover, fell 0.68 percent to Tk 4116.50. UCBL, the second leader in turnover ended 1.17 percent lower atTk 3204.25. The share prices of BeximCo Pharma, Keya Cosmetics and Beximco also came down.
All the indices on the Chittagong Stock Exchange ended lower with turnover declined to Tk 30.39 crore from Tk 39.35 crore on Thursday. Of the issues traded, 10 gained, 120 lost and 2 ended unchanged.