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Dhaka stocks routed in panic sell-offs

Key index plunges to multiyear low

Star Business Report
The key index of Dhaka Stock Exchange plunged by 103.66 points, or 3.37 percent yesterday, the largest single-day drop in four and a half years.
Market operators and analysts said profit-taking fuelled by panic had forced the market into a tailspin.
The bourse has gained steadily for the last couple of weeks, Equity Partners Limited (EPL), an investment bank, said in its daily market analysis.
"The investors became slightly panicked because of an initial drop in the index which prompted them to book profit," the EPL analysis said.
The benclunark index of Dhaka Stock Exchange (DSE), DSE General Index (DGEN), closed at 2,966.04. The DGEN plummeted 133.33 points on January 11,2005.
The DGEN was introduced on November 27, 2001 with a base of 817.62 points. The index, which excludes companies of 'Z' category, is calculated on the basis of price movement of individual stocks under "A', 'B', and'N'categories.
The DSE All Share Price Index also dropped 85.49 points, or 3.32 percent, to 2,483.28.
"The drop was nothing but the outcome of profittaking," Ahmad Rashid Lali, managing director of Rashid Investment Services Ltd, told The Daily Star.
“It was expected that the market would see a price
correction in share prices." The investors booked profit from a bullish trend
that continued for several
shares being traded worth Tk 127.97 crore, followed by Titas Gas, Beximco Pharma,
days, while others took position on securities with lower prices, added Lali, also the former senior vice-president of the DSE.
Others said negative comments made by analysts and market operators on TV talkshows in the last couple of days created panic among investors. Some analysts had predicted market corrections.
Many investors were caught off-guard by massive sell-offs and ended up selling their holdings against their will, said a merchant banker.
The market looked downbeat from the beginning that persisted all day except for some little gains in the tradingsession.
Only life insurers traded against the day's trend, apparently powered by their profit declarations.
The losers beat the
advancers 204 to 26. A total
of 5,21,62,764 shares worth Tk 985 crore traded on the premier bourse.
Beximco topped the turnover leaders, with 42,33,500
Bextex, AB Bank, Summit
Power, LankaBangla Finance, Grameen Mutual Fund One: Scheme Two, Shinepukur Ceramic^ and Square Pharma.
Chittagong stocks also plummeted yesterday. The CSE Selective Categories Index went down 197.145 points, or 2.86 percent, to 6,695.36.The CSE AU Share Price Index plunged 294.12 points, or 2.76 percent, to 10,348.74.
A total of 98,87,097 shares worth Tk 137.67 crore changed hands on the Chittagong Stock Exchange. Of the traded securities, 21 advanced, 132 declined and one remained unchanged.
Beximco topped the turnover leaders with 4,93,000 traded shares worth Tk 14.87 crore on the port city bourse. The day's other turnover leaders were AB Bank, Bextex, Beximco
Pharma, Grameen Mutual
Fund One: Scheme Two, Titas Gas, Shinepukur Ceramics, Square Pharma, Social Islami Bank and AIMS 1st Mutual Fund.