Stocks decline for 4th consecutive day

---

FE Report
Stock prices declined for the fourth consecutive day Thursday on the Dhaka Stock Exchange (DSE).
Market sources said investors' enthusiasm to buy the shares of Trust Bank on the scheduled debut October 1 created selling pressure in recent days.
"Investors are taking preparations selling most of 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 offer price of per share of the banking issue was Tk 150 with a premium of Tk 50 each.
Besides, the merchant banks sold off 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 turnover, however, rose to Tk 1.28 billion against Tk 1.14 billion as a new issue-Phoenix Finance and Investments Ltd- made its debut on the day.
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 1.12 points, 4.73 points and 17.01 points respectively.
DSE General Index or DGEN, All Shares Price Index or DSI and DS 20 closed at 2544.89, 2102.48 and 2008.33 points respectively.
Out of 197 traded issues, 120 declined, 58 gained and 19 remained unchanged.
AIMS First Mutual Fund and Grameen One were the top two turnover leaders with Tk 145.29 million and Tk 125.74 million traded respectively.
Phoenix Finance, Summit Power, BRAC Bank, Square Pharma, AB Bank, Southeast Bank, Power Grid and HeidelbergCement were the other top turnover leaders.
Meanwhile, Shahjalal Bank will be placed in Z-category from Sunday next from the existing N-category as the bank did not declare any dividend for 2006.