Stocks close lower on DSE
FE Report | Monday, 18 April 2011
FE Report
Dhaka stocks closed in negative territory Sunday with low turnover as investors booked profit in the major sectors. This was consecutive two sessions loss in the prime bourse of the country. Market insiders said, although there were some glimpses of rise in the intra-day trading, the market closed negative mainly due to concern over National Board of Revenue's (NBR) move to scrutiny more than 100 leading share investors who availed of tax exemption opportunity that was offered in 2009 with a condition to hold the investment for two consecutive years. The market opened with a negative note in the morning. However, it back to positive terrain within five minutes and gained more than 50 points at about 11.30am. After that the DGEN gradually fell amid moderate ups and down and finally closed 39 points lower. At the end of the day, the benchmark DSE General Index (DGEN), the yardstick of the DSE lost 39.37 points or 0.62 per cent to 6,346.99. The broader All Shares Price Index (DSI) went down by 28.49 points or 0.54 per cent to close at 5,274.64. The DSE-20 index comprising blue-chip shares lost 16.07 points or 0.41 per cent to 3,914.97. Ahmad Rashid Lali, managing director of Rashid Investment Services said though the market closed negative, the market's behavior is rational and it's a normal price correction. "The market closed negative as investors booked profit from major sectors and it's a normal price behaviour," said Ahmad Rashid Lali, also a DSE director.
Dhaka stocks closed in negative territory Sunday with low turnover as investors booked profit in the major sectors. This was consecutive two sessions loss in the prime bourse of the country. Market insiders said, although there were some glimpses of rise in the intra-day trading, the market closed negative mainly due to concern over National Board of Revenue's (NBR) move to scrutiny more than 100 leading share investors who availed of tax exemption opportunity that was offered in 2009 with a condition to hold the investment for two consecutive years. The market opened with a negative note in the morning. However, it back to positive terrain within five minutes and gained more than 50 points at about 11.30am. After that the DGEN gradually fell amid moderate ups and down and finally closed 39 points lower. At the end of the day, the benchmark DSE General Index (DGEN), the yardstick of the DSE lost 39.37 points or 0.62 per cent to 6,346.99. The broader All Shares Price Index (DSI) went down by 28.49 points or 0.54 per cent to close at 5,274.64. The DSE-20 index comprising blue-chip shares lost 16.07 points or 0.41 per cent to 3,914.97. Ahmad Rashid Lali, managing director of Rashid Investment Services said though the market closed negative, the market's behavior is rational and it's a normal price correction. "The market closed negative as investors booked profit from major sectors and it's a normal price behaviour," said Ahmad Rashid Lali, also a DSE director.