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Stocks hit 3-month low on jitters over monetary policy

Star Business Report
Shares on the Dhaka Stock Exchange fell sharply yesterday because of huge selling pressure amid worry that the central bank's new monetary policy could seek to curb money supply.
The prime index—DSEX—declined 71 points or 1.14 percent to close at 6,144. This is the steepest single-day fall since October 9, according to the DSE data.
The central bank will announce the monetary policy for January-June today.
The BB could take measures to push up deposit rate that will interrupt the flow of fresh funds to stocks, said a senior executive of a merchant bank.
So, investors were in a selling mode fearing a further fall after the announcement of the monetary policy, he said. The deposit rate already went upto 9 percent as banks are offering higher rates to pull depositors, which has put a negative impact on the price indices, said the merchant banker.
The BB has recently instructed banks to strictly follow the advance deposit ratio ceiling, said a top executive of a private bank. This prompted banks to put in more efforts on deposit collection so their lending remains within the permissible limit, he said.
As a result, institutional depositors are moving towards banks from the stockmarket, which has hit the daily turnover, he said.
The turnover fell 13 percent to Tk 359 crore yesterday compared to the previous session.
Blue-chip index DS30 lost 23.5 points, while Shariah index OSES was down by 17.9 points.
Declining issues outnumbered advancers. Of the 333 issues traded, 268 closed
lower, 35 higher and 30 remained unchanged.
Square Pharma gained the top position in the turnover chart with its shares worth Tk 22 crore changing hands, followed by Ifad Autos, Shahjibazar Power, Grameenphone and Paramount Textile.
The Chittagong Stock Exchange (CSE) also closed lower with its all share price index CAPSI losing 191 points to finish at 18,969. The elective Categories Index (CSCX)fell 113 points to close at 11,458.
Losers beat gainers as 176 issues closed lower, 26 higher and 18 remained unchanged on the CSE.
The port city bourse generated a turnover ofTk 27 crore on the day.