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Key stock index hit over 6-month low

The key index of Dhaka Stock Exchange  (DSE) hit six and half months low at 4585.72 on Wednesday, losing 63.57 points or over 1.36 percent to close the session in solid red, reports BSS.
The DSEX came down to the lowest level after September 1, 2014 when it  closed at 4554.97. Wednesday’s position was also 748 points down from its recent 5334.0 points peak in last October.
The blue-chip DS30 and Shariah DSES also suffered loss to end the session at 1716.54 and 1105.99 respectively. The loss to the selective indices was, however, lower than the broader index. “Investors delivered a kneejerk to last session’s positive close,  deciding to book the gain. Consequent massive sell pressure displaced the market, forcing solid 63.60 points off DSEX”, said IDLC Investment Limited.
The market gained in the past two consecutive sessions, with taking prices of some shares up and marginally profitable for many investors. Resultantly, market saw higher trading activities when turnover volume was up by 9.68 percent to 6.21 crore shares and the value was higher by 21.58 percent to Taka 310 crore. All the major sectors suffered loss to the selling pressures, with 234 issues declining across the board against the handful 43 advancing scrips.
Banking sector was the worst sufferer with 3.0 percent loss followed by engineering with 2.0 percent when food and allied managed to close 2.3 percent up.  Among the companies, Bank Asia was the major losers as it closed nearly 14.0 percent lower on its ex-dividend trading. The bank recommended 5.0 percent cash and 10.0 percent stock dividend for 2014, which apparently disappointed investors. Along with Bank Asia, three other banks – SIBL, Prime Bank and Pubali Bank were among the day’s top five losers.
The day’s major advancing issues were Northern Jute, Shasha Denim, ACI, 8th ICB and BATBC when imminent annual declaration of some manufacturing stocks enticed investors to take position.  Shasha Denim topped the turnover list followed by SPCL, Ifad Autos, Lafarge Surma and ACI.

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