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Market volatility sends stocks crashing

Star Business Report
Stocks' slide continued into the second day, as volatility in the market deterred investor participation.
DGEN, the benchmark General Index of Dhaka Stock Exchange dropped 42.26 points, or 1.01 percent, to finish the day at 4,124.28 points.
“Investors remained cautious about making new trades, while some preferred to liquidate their position,” IDLC Investments said.
Reduction of portfolio exposure to run for safety governed investors' actions, it said.
“The bear run continued notwithstanding several banks' pronouncement to undertake proprietary investment in the market,” LankaBangla Securities said in its market analysis.
The index was oscillating at regular intervals owing to vigorous activities in part of retail investors, according to Green Delta LR Holdings' market research.
Turnover lost 35.22 percent from overnight to register Tk 182 crore.
Grameenphone and Bangladesh Submarine Cable Company, both from the telecom sector, were the most traded stocks of the day.
Grameenphone declared net profit after tax of Tk 966. 73 crore, earnings per share of Tk 7.16, net asset value per share of Tk 29.46 and net operating cash flow per shares of Tk 11.51.
Consequently, the board pronounced 90 percent interim cash dividend for the half year that ended on 30 June, 2012.
Banking sector and non-bank financial institutions continued to tumble on the back of recent Bangladesh Bank directive regarding provisioning criteria, said the stockbroker LankaBangla.
A total of 0.52 lakh trades were executed on the Dhaka bourse, which involved 3.5 crore shares and mutual fund units.
Of the total 257 issues that traded on the DSE floor, 62 advanced, 168 declined and 27 remained unchanged.
All major sectors lost given the negative outlook: tannery 1.78 percent, nonbank financial institutions 1.62 percent, non-life insurance 1.29 percent, banks 0.96 percent, textile 0.82 percent and telecom 0.65 percent.
The only exception was life insurance, which gained 0.53 percent.
Second ICB Mutual Fund recorded the biggest gain of the day at 9.36 percent, while Meghna Pet, having 9.72 percent, was the biggest loser.