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Stocks bear brunt of export plunge

Star Business Report
Dhaka stocks plunged yesterday right after a two-day rise, with textiles being the lead contributor against the backdrop of a tumble of the countr/s export earnings.
The DSEX, the benchmark index of Dhaka Stock Exchange (DSE), declined 24.83 points, or 0.49 percent, finishing the day at 5,008.96.
It went under the 5,000 mark last week with a continuous fall of around 250 points within three weeks.
Market analysts said the textile sector's export earnings went down last month and it led the market fall. Investors of export oriented companies sold off stocks fearing lower earnings per share in the upcoming quarter.
According to the Export Promotion Bureau, exports raked $2.84 billion in August, down from $3.89 billion in July.
Garment, which accounts for more than 80 percent of export earnings, brought home $2.41 billion, down 11.72 percent year-on-year.
With the fall of the sector's exports, four textile companies, namely Zahintex Industries, ML Dyeing, Queen South Textile Mills and Far East Knitting & Dyeing Industries,
made their way to the list of 10 stocks suffering the biggest losses.
Among the major sectors, textile dropped 1.2 percent and made the highest negative contribution to the fall of the index.
An official of a stock broker said investors of the export-oriented stocks become apprehensive, so such stocks were in the red throughout the day.
However, investors bought Grameenphone stocks as they found the scrip cheap following severe
battering in the past couple of weeks.
In a turn of events, though the fuel and power sector faced the highest fall, with United Power Generation dropping 4.43 percent, it did not have an impact on the index as it was the company's opening day following bonus adjustment.
"Moreover, financial stocks continue to bear the brunt due to conditions worsening for nonperforming loans," said the official.
Turnover, another important indicator of the market, however, soared 9.5 percent to Tk 407.03 crore.
Of the traded issues, 74 securities advanced and 237 declined while 42 closed unchanged on the premier bourse.
National Tubes dominated the turnover chart accounting for trading worth Tk 22 crore, followed by I BN Sina Pharmaceutical Industry, Monno Ceramic Industries, United Power Generation &
Distribution and Stylecraft.
Alhaj Textile Mills topped the gainers' list with 9.94 percent gain followed by Gemini Sea Food, Wata Chemicals, Dulamia Cotton Spinning Mills and Delta Spinners.
Chittagong stocks also fell. The bourse's benchmark index, the CSCX, declined 36.71 points, or 0.39 percent, to finish at 9,247.43.
Losers beat gainers as 185 issues declined and 50 advanced while 21 finished unchanged on Chittagong Stock Exchange.