Dhaka stocks dip further

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FE Report
Dhaka stocks dipped for the second consecutive day Tuesday with a persistently low turnover.
The benchmark DSE General Index (DGEN), the All Shares Price Index (DSI) and the DSE-20 Index (DS20) fell 60.60 points, 48.05 points and 45.47 points to end at 2618.07, 2165.22 and 2223.36 respectively.
Trading at the Dhaka Stock Exchange (DSE) began with a downward trend in the very outset. The DGEN, however, went into the green for a brief period but later continued to slip until end of the trade.
Of the total 235 issues traded on the day, 30 gained, 197 declined and eight remained unchanged. Of the top ten gainers, six were from the worst performing Z-category companies.
The day's total turnover declined to Tk 1.70 billion against the previous day's Tk 2.43 billion while the market capitalisation came down to Tk 969.54 billion from Tk 985.82 billion.
Negative sentiment and anticipated substantial price correction had forced many to dump their holdings at lower prices, according to the market operators.
"Most of the institutional and individual investors were sticking to their wait-and-see approach with the market persistently sluggish," said a stockbroker.
Share prices of the debutant Northern General Insurance Company Limited, the day's top gainer, rose 62 per cent to Tk 162 per share against its face value of Tk 100 each. It reached its peak of Tk 175 a share at a stage on the day.
Share prices of another debutant Standard Insurance Limited, the second top gainer, rose 48.75 per cent to Tk 148.75 a share against its face value at Tk 100 each. The price rose as high as Tk 169.00 at one stage.