Price correction at DSE continues

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FE Report
Share prices recorded fall for the second consecutive day Monday with a less-than-usual trading activity on the country's main bourse -- the Dhaka Stock Exchange (DSE).
Prices of most shares under banking, insurance, power and pharmaceutical sectors declined on the day due to cautious trading by the investors.
Market operators said traditionally, trading on the stock market declines during the holy month of Ramadan, as the investors remain busy in other activities, said a Chief Executive Officer (CEO) of a brokerage house Monday.
Moreover, IFIC Bank has gone to its ex-dividend today (Monday) and its share prices declined by 22.94 per cent to close at Tk 2597.00. This has also contributed to the decline in indices on the DSE Monday.
He said in view of lesser number of investors in the market, there would be price correction of a number of over-priced issues.
He, however, maintained that the current trend was temporary. Very soon the market would revert to bullish trend," he said.
He expressed the hope that with the entry of the Citigroup as a merchant bank, the whole scenario of the market might change as it is a renowned global financial player.
Recently, the Securities and Exchange Commission (SEC) awarded license to the Citigroup for operating as merchant bank.
On the day, DSE-20 Index (DS20), All Shares Price Index (DSI) and DSE General Index (DGEN) shed 45.366 points, 44.036 points and 36.646 points to close at 1998.880, 2077.932 and 2511.648 respectively.
The total turnover dropped to Tk 1.092 billion from its previous Tk 1.194 billion. The total market capitalisation also declined to Tk 590.484 billion from Tk 600.785 billion on the previous day Sunday.
Out of 198 traded issues prices of only 43 gained, 132 declined and 23 remained unchanged.
BRAC Bank maintained its position as the turnover leader with traded shares worth Tk 145.622 million followed by Desco Tk 54.924 million, Power Grid Tk 54.281 million, Square Pharma Tk 42.872 million, UCBL Tk 41.038 million, AIMS First Mutual Fund Tk 37.795 million, Southeast Bank Tk 37.302 million, Grameen One Mutual Fund Tk 36.653 million, ILFSL Tk 35.746 million and Prime Bank Tk 34.571 million.
Prices of BRAC Bank declined 3.14 per cent to Tk 1264.25, Desco 1.70 per cent to Tk 1141.00, Power Grid 1.44 per cent to Tk 616.00, Square Pharma 2.67 per cent to Tk 3248.50, Southeast Bank 3.28 per cent to Tk 500.25, Grameen One 0.36 per cent to Tk 54.50 and Prime Bank 1.54 per cent to Tk 749.00.
UCBL gained 0.01 per cent to Tk 4302.50, AIMS 0.49 per cent to Tk 6.06 and ILFSL 4.08 per cent to Tk 764.50.