Dhaka stocks slipped Sunday with declining turnover value amid profit booking, scarcity of fresh investment and investors' cautiousness centring sponsor-directors' minimum share holding issue.
The market analysts said many investors booked profit to stay safe rather than fresh investment, as three writs against SEC's directive on sponsor-directors' minimum share holding are pending with the High Court.
Meanwhile, DSE said that it will receive buy/gift declaration of sponsors-directors of listed companies from 10am to 8pm until May 21 (on Saturday-19 May-10am to 3pm) instead of 10am to 6pm to facilitate the sponsor-directors of listed companies to complete formalities with DSE to comply with SEC directive.
The market shot up almost 75 points within 45 minutes upon resumption of the day's trading. After that, it declined steadily and finally ended 74 points lower.
The DGEN, the benchmark general index of the Dhaka Stock Exchange (DSE), slipped 74.81 points or 1.47 per cent to close at 5,001.81. Earlier on Thursday the DGEN gained 174 points.
The broader All Shares Price Index (DSI) lost 59.14 points or 1.38 per cent to close at 4,207.99. The DSE-20 Index comprising blue-chip shares also declined 49.94 points or 1.29 per cent to close at 3,809.41.
A stock broker said the investors' confidence boosted up last Thursday, but they became nervous while many of them took profit to stay safe as three writs relating to sponsor-directors' minimum share holding are pending with the High Court.