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High selling pressure pushes prices down [ Business ] 2012-05-25
High selling pressure pushes prices down
Share prices continued to fall on both Dhaka Stock Exchange and Chittagong Stock Exchange on the weekend closing Thursday due to higher selling pressure from retail investors, brokers said.
Dhaka Stock Exchange's key index ended 30.85 points down today while the turnover hit a two-month low. The DGEN closed at 4797.92 points or 0.64 percent down on Thursday. On Wednesday, the DSE key index closed at 4828 points with a loss of 77 points.
Shares and mutual funds worth around Tk 1.73 billion changed hands with prices of 76 issues gaining, 154 declining and 25 remaining at their opening prices.
Earlier on Mar 12, the turnover was around Tk 1.42 billion.
On the CSE, the CSE-30 index lost 58.4701 points to close at 13031.6268, Thursday. A total of 167 issues were traded while 111 issues lost prices, 42 gained and 11 other remained unchanged.
Prices of most shares continued to decline on the bourses due to higher selling spree from retail investors. No body want to hold shares right now as they fear about a political turmoil", broker said.
"Investors have become very cautious particularly after the Finance minister's announcement that steps to be taken to reform the capital markets. They are now offloading their shares, brokers said.
Finance Minister Abul Maal Abdul Muhith has said that the recent fluctuations in stock market indices are irrational and necessary steps are urgent to reform the country's capital markets.
 "I expect the stock market to follow logic… It's rising one day and falling the day next," he said at a meeting with the officials of Dhaka Stock Exchange and Securities and Exchanges Commission (SEC) at the Secretariat on Wednesday aiming to find a solution to the recent market situation.
 

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