Share prices decline on selling spree

---

FE Report
Stock prices declined in the week ended Thursday on the Dhaka Stock Exchange (DSE) as investors sold shares to re-invest the fund on Trust Bank, which is scheduled to be traded from October 1.
The market gained Sunday, the first trading session, but the last four days of the week witnessed decline.
"Investors are selling their stocks to buy the Trust Bank shares and it is affecting the market," said a DSE source.
The Trust Bank IPO was oversubscribed by about 11 times when the bank floated a total of 4,666,700 shares worth Tk 700 million. The subscription ended July 28 last.
The price of the bank share is Tk 150 including a premium of Tk 50 each.
Besides, the market was also affected when merchant banks sold huge shares to adjust their clients' portfolios after the Securities and Exchange Commission (SEC) passed the margin rules for the capital market financiers Monday last.
The daily average turnover, however, rose by 7.32 per cent to Tk 1.36 billion against Tk 1.27 billion as a new issue -- Phoenix Finance and Investments Ltd -- made its debut Thursday.
Phoenix Finance, a non-banking financial institution (NBFI), was the third top turnover leader with Tk 114.01 million traded on the first day.
Per share of the newly listed issue was closed at Tk 424.25 against the face value of Tk 100.
All the market barometers- DSE General Index or DGEN, All Shares Price Index or DSI and DS 20- shed 9.09 points, 13.94 points and 37.46 points respectively.
DSE General Index or DGEN, All Shares Price Index or DSI and DS 20 closed at 2544.90, 2102.49 and 2008.33 points respectively.
The total market capitalisation rose 1.68 per cent to Tk 609.58 billion.
Of the issues traded, 78 gained, 138 declined and 18 remained unchanged.
BRAC Bank and AIMS were the top two turnover leaders with Tk 586.70 million and Tk 431.76 million traded respectively.
AB Bank, Summit Power, Grameen Mutual One, Power Grid, Prime Bank, DESCO, Southeast Bank and UCBL followed the rally.
Tripti and Lexco, the two Z-category companies, were the top two gainers in the week with 45.76 per cent and 24.01 per cent rises respectively against the previous week.
AIMS First Mutual Fund and Prime Finance gained 19.02 and 17.65 per cent respectively.
Meanwhile, Shahjalal Bank will be placed in Z-category from tomorrow (Sunday) from the existing N-category as the bank did not declare any dividend for 2006.