DSE stocks keep falling on selling pressure

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FE Report
The price indices on Dhaka Stock Exchange (DSE) fell for the third consecutive day Tuesday due to selling pressure as well as primary offer worth Tk 1.075 billion of four companies in a row.
The inclement weather also affected the day's turnover, which declined to Tk 1.065 billion (106.5 crore) from Tk 1.096 billion of the previous day. The total market capitalisation dipped to Tk 433.707 billion from Tk 440.261 billion of the previous day.
All Shares Price Index (DSI), DSE-20 Index and the DSE General Index (DGEN) shed 29.945 points, 20.865 points and 25.159 points to close at 1596.763, 1765.472 and 1961.210 respectively on the day.
Out of 193 issues traded, prices of 58 gained, 117 declined and 18 remained unchanged.
Market sources said public offers of Bangladesh Finance and Investment Company Ltd, Phoenix Finance and Investments Ltd, International Leasing and Financial Services Ltd, and Trust Bank Ltd in a row are affecting the market as huge funds from the secondary market are being diverted by the general investors to buy the issues.
The subscription period of Bangladesh Finance and Investment Company Ltd began on June 10, that of Phoenix Finance and Investments Ltd begins on June 24, International Leasing and Financial Services Ltd July 1 and Trust Bank Ltd July 15.
Trust Bank will raise Tk 700 million (70 crore), International Leasing Tk 112.50 million, Phoenix Finance Tk 125.00 million and Bangladesh Finance Tk 70 million from the primary market.
However, in Tuesday's session BRAC Bank was the turnover leader with its shares worth Tk 113.83 million traded followed by Power Grid with its turnover at Tk 105.303 million, Southeast Bank Tk 95.203 million, Square Pharma Tk 78.389 million, Prime Bank Tk 54.395 million, Summit Power Tk 44.289 million, Premier Bank Tk 41.805 million, AB Bank Tk 40.110 million, Desco Tk 29.495 million and Heidelberg Cement Tk 25.830 million.
Prices of Rupali Bank shares dipped by 12.43 per cent to Tk 1338.25 each, BRAC Bank shares declined by 3.56 per cent to Tk 682.50 per share, Power Grid by 1.66 per cent to Tk 574.75, Southeast Bank by 4.74 per cent to Tk 438.00, Premier Bank by 1.81 per cent to Tk 310.75, AB Bank by 3.48 per cent to Tk 1239.50, Desco by 0.21 per cent to Tk 816.50, Heidelberg Cement by 2.17 per cent to Tk 977.25 and Square Pharma by 1.60 per cent to Tk 3597.75.
On the other hand, Aziz Pipes shares rose by 22.69 per cent to Tk 116.25 each, Prime Bank shares rose by 0.39 per cent to Tk 770.00 each and Summit Power by 0.31 per cent to Tk 796.25.
However, the lottery of Union Capital Limited for allotment of its shares among investors was held at the city's Bangladesh-China Friendship Conference Centre Tuesday.