Stocks skid on wobbling politics

Stocks plummeted Monday after investors found buying sprits ebbing on reports of the resignation of four advisers from President Iajuddin Ahmed's cabinet.

bdnews24.com
Published : 10 Dec 2006, 12:00 PM
Updated : 10 Dec 2006, 12:00 PM
Dhaka, Dec 11 (bdnews24.com) - Stocks plummeted Monday after investors found buying sprits ebbing on reports of the resignation of four advisers from President Iajuddin Ahmed's cabinet.
"We came to know four advisers resigned after we inquired about the reasons for a sharp slide in share prices," Salahuddin Ahmed Khan, chief executive of the Dhaka Stock Exchange said.
Akbar Ali Khan, Hasan Mashhud Chowdhury, CM Shafi Sami and Sultana Kamal deserted Iajuddin's cabinet after he made a unilateral decision calling out the army.
The DGEN or DSE general index shed 27.11 points or 1.70 percent to finish at 1566.84 from 1593.95 Sunday.
The DSE-20 blue-chip index dipped 24.84 points or 1.78 percent to end at 1363.19.
The DSI or all-share price index declined 25.96 points or 1.97 percent to 1291.89.
"The fall was expected after the resignation of four cabinet members," market analyst Moin Al Kashem said, referring to the uncertain political climate.
The market saw a selling rush in midday trade after the news on the resignation broke out on the floor.
Total proceeds on the DSE however increased 21.99 percent to Tk 566.14 million from Tk 464.08 million.
Turnover on the Chittagong Stock Exchange rose 31.92 percent to Tk 151.35 million from Tk 113.87 million.
Power Grid Company of Bangladesh scored highest transactions at Tk 87.51 million, followed by Industrial Promotion and Development Company and Bangladesh Industrial Finance Corporation.
PGCB lost 2.90 percent.
IPDC that dipped 2.69 percent recorded Tk 56.55 million in turnover while BIFC scored Tk 36.09 million.
BIFC rose 7.22 percent to Tk 196.75.
Jamuna Bank, Southeast Bank, City Bank, DESCO, EXIM Bank, Prime Bank and Standard Bank were other leaders in turnover.
The value of all the issues finished below Sunday's close.
BIFC, Paper Processing and Tripti were main gainers while Delta Spinning, ICB ALCL 1st Mutual Fund and IFIC Bank led the losers.
Banks, ICT, Energy and Cement sectors led the losers on the CSE.
The CASPI or all share price index slipped 1.58 percent to 3665.47.
The CSE-30 fell 1.47 percent to end at 3263.49 and the CSCX or selective categories index closed 1.42 percent lower at 2383.09.
Of the 186 issues traded on the DSE, 23 gained, 138 lost and 25 remained unchanged.
On the CSE, eight issues closed higher, 77 down and five held steady out of 90 traded issues.
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Toufique Imrose Khalidi
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