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GP price fall triggers major correction in last week

September 08, 2019 00:00:00

Telecommunication sector witnessed the highest correction in last week mainly because of the price fall of Grameenphone. The market cap of the telecommunication sector comprising two companies declined 5.0 per cent in five sessions executed in last week on the Dhaka Stock Exchange (DSE). The share price of Grameenphone declined 5.28 per cent or Tk 16.50 in last week. In last five sessions, the company's share price declined for first four sessions. According a market review of the International Leasing Securities, investors have been 'grappling' with Grameenphone's tussle with the telecom regulator over unpaid audit claim and surge in foreign investors' sales on the bourses. The company's share price, however, rose 2.11 per cent or Tk 6.01 to close at Tk 295.50 each on Thursday. The share price of Bangladesh Submarine Cable Company closed at Tk 112.30 each on Thursday with a marginal rise of 2.92 per cent or Tk 3.20.

— FE Report

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