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Stocks in freefall

Star Business Report
Dhaka stocks slumped yesterday, after gaining for just one day. amid selling pressure from retail investors.
However, market insiders said the retail investors in some brokerage houses had been pressed into selling off shares in their holdings even with loses.
The brokerage houses also sold off huge volume of shares frbm their portfolios, which is another reason for the downtrend. the insiders said.
The insiders said the investors, who trade in the brokerage houses, had been told that the downtrend in the market would continue for long and they should sell-off shares even with loses to avoid further loses in future.
Selling pressure also prompted other retail investors in other brokerage houses to sell shares from their holdings, the insiders said.
The managing director of a brokerage house at the heart of the controversy said they did not force investors into selling off shares. The official also denied selling shares from his house's portfolio.
In the previous week, some top merchant banks forced their clients into sell offs and also sold huge volume of shares from their own portfolios. Now the brokerage houses followed suit.
Yawer Sayeed, managing director of AIMS of Bangladesh, said there was no reason behind the persistent downtrend in the market, when the local economic indicators are in good position, world stock markets are going up and the country is going to witness the national election in next month.
"The problem is. the market is now dependent on lending," he said, adding that when the lenders create pressure on investors to adjust loans, the market goes down.
The benchmark index of the Dhaka Stock Exchange, DSE General Index, fell 47.11 points, or 1.73 percent, to 2.673.31 points. The DSE All Share Price Index also declined 38.02 points, or 1.68 percent, to 2,215.78 points.
Most securities traded down on the premier bourse. Of the 237 traded issues, 37 advanced, 192 declined and eight ended unchanged.
A total of 1,23,52,893 shares worth Tk 201.14 crore changed hands on the DSE. Market capitalisation declined to Tk 96,336.56 crore from the previous day'sTk97,605.23 crore.
Beximco Pharma topped the turnover leaders with 17,53,050 traded shares worth Tk 28.27 crore. The other turnover leaders for the day were Beximco, Uttara Bank, ACI, Titas Gas, National TUbes, LankaBangla Finance, Island Bank, Square Pharma and Desco.
Chittagong stocks also marked a fall yesterday. The CSE Selective Categories Index dropped 81.98 points, or 1.51 percent, to 5,344.07 points. The CSE /Ml Share Price Index fell 120.63 points, or 1.44 percent, to 8,226.66 points.
A total of 24,39,807 shares worth Tk 33.34 crore changed hands on the port city bourse. Of the 127 traded securities, 22 advanced and 100 declined, with five finishing unchanged.