Apr 23, 2014, 10:13 am (BST)
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Stocks move ahead amid opposition's showdown

DHAKA, Mar 12 (BSS) - Dhaka stocks moved ahead though at a little pace amid the showdown of the four-party alliance, which disrupted normal activities in other businesses to a great extent by sending a wave of security concern among city dwellers.

The Dhaka Stock Exchange General Index (DGEN) gained by 32.55 points or 0.75 percent to finish the day at 4350.47 at its regular closing time. The index, which posted 60.47 points or 1.41 percent rise to finish last week at 4345.0 on Thursday, suffered loss on profit-taking at the week's opening on Sunday.

The daily volume of turnover also increased today to taka 142 crore from taka 127 crore of previous day, which was over three- year low.

Insurance, pharmaceuticals, power and food were among the day's most advanced issues with 3-7 percent gain.

Financial institution Lanka Bangla Finance Limited suffered big loss by over 21 percent on its post-record day trading despite the announcement of 30 percent stock dividend. Market insider said the dividend fell short of expectation because many were anticipating more gems from this company. The other major losers of the day were from textile, jute, cement, food and allied sector.

Market analysis of a fund management company Aims of Bangladesh said the small investors were dubious regarding implementation of the package while some merchant banks and brokerage houses found the proposal of wavering margin loan interest as a burden.

Besides, relatively poor dividend declaration by some non- banking financial institutions (NBFIs) also worked as a discouraging factor.
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