Stocks drop further

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FE Report
Dhaka stocks declined for the third session in a row in a highly fluctuating market Wednesday, dragging down by Grameenphone, the most weighted share, that fell more than four per cent.
The benchmark DSE General Index (DGEN) lost 0.30 per cent or 18.86 points to close at 6153.67, after hitting highest 6202 at noon and lowest 6140 just before the close.
The broader All Shares Price Index (DSI) was down by 0.35 per cent or 18.20 points to 5111.63. The DSE 20 index comprising blue chip shares ended at 3650.03.
The market will remain closed today (Thursday) due to bank holiday.
"Drop in GP and insurers' share prices has sent the market in negative territory," said RACE Asset Management Company in its daily market commentary.
But rally in banking, energy and NBFI stocks prevented the market from falling further.
GP, the largest capped company in the bourse and the country's top mobile phone firm, dipped 4.11 per cent - its eighth consecutive session of losses.
The telecom company will not be qualified for marginable securities in next 30 working days after change of categorization, leading the GP to dive, said a stockbroker.
According to the securities rules, no stock broker and merchant bank will be allowed to provide loan facilities to purchase share of any issue in first 30 trading days from the date of category change.
After disbursement of 60 per cent cash dividend for the year 2009, GP was shifted to 'A' category from 'N' category on the day.
Banking issues, the market's bellwether, moved up 0.79 per cent after fall in the previous session. The sector also dominated the trading as the sector pulled in 45.3 per cent of the total turnover.