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Stocks extend fall

DSE lost 196 points, Tk 10,835cr in 4 days

Star Business Report
Shares on the Dhaka Stock Exchange fell for the fourth consecutive day yesterday as foreign investors went for huge sales and institutional investors remained inactive.
The DSEX, the benchmark index of the country's premier bourse, dropped 26.81 points to close at 4,506.93, the lowest in 40 months.
The slide in the last four trading days knocked off 196.05 points and wiped out Tk 10,835 crore, or 3.06 percent, in market value.
Market insiders say foreign investors' share sales and the forced-sale by some merchant banks were the main reasons behind the recent decline, which spooked the confidence of some investors leading them to dispose of stocks.
"Foreign investors are selling shares as they fear the local currency may fall further against the US dollar," said a top official of a brokerage house, which deals with foreign investors.
Investors are also worried about the macroeconomic stability as some indicators are already showing signs of stress, he said.
Riyad Mahmud, an investor, said the
stocks of almost all well-performing companies are at a very low level. Some of the securities have even fallen to their two-year lows, making them attractive to buyers.
He invested in good stocks last month by borrowing from relatives. But the recent fall has inflicted huge loss on him.
"All the good stocks fell hugely compared to junk stocks. As a result, I incurred losses. I'm disappointed."
A merchant banker acknowledged that they executed forced-sale as the index sank to a low level.
Investors can take margin loans from merchant banks to buy "A" category shares. If the price of the securities bought with the borrowed money decreases past a certain point, the lenders can legally force the borrowers to sell some of their assets to save the margin Ioans.
"We had no alternative but to sell shares as investors did not repay their loans," said the merchant banker.
Turnover, another indicator of the market, rose 10.90 percent to Tk 305.87 crore yesterday. Of the traded issues, 96 advanced, 203 declined and 54 closed unchanged.
Stocks extend fall
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Square Pharmaceuticals dominated the turnover chart with its shares worth Tk 12.51 crore changing hands, followed by Saiham Cotton Mills, Sonar Bangla Insurance, Sinobangla Industries, and Daffodil Computers.
Samata Leather, a junk stock, was the day's best performer with 9.95 percent gain, while Sonar Bangla Insurance was the worst loser, shedding 8.72 percent.
Chattogram stocks also fell with the bourse’s benchmark index, CSCX, declining 89.95 points, or 1.07 percent, to finish the day at 8,301.45.
Losers beat gainers as 143 securities declined, 60 advanced and 36 finished unchanged on the Chittagong Stock Exchange.