Stocks continue losing streak

Stocks continued a losing streak for the fourth consecutive day yesterday as the investors failed to rid themselves of apprehensions that the government might not manage to come up with any investor-friendly incentives in the upcoming budget.
The benchmark general index of Dhaka Stock Exchange (DGEN) slumped 135 points, or 2.46 percent, to close at 5,376 points. The DSE index lost 205 points on the previous day.
The selective categories index of Chittagong Stock Exchange (CSCX) slipped 264 points, or 2.66 percent, to close at 9,670 points. The CSE index lost 323 points on Sunday.
Credit crisis and news in different media that the government will not allow untaxed money in the capital market and that taxes will be slapped on capital gain and tax identification number will be made mandatory brought down the market.
The banking sector lost 3.15 percent yesterday, reaching 27.9 of the total market capitalisation. The non-bank financial institutions lost 2.42 percent, fuel and power 2.5 percent and Grameenphone 2.27 percent.
Of the total 259 issues traded on the DSE, 210 declined, 39 advanced and 10 remained unchanged.
Turnover on the DSE stood at Tk 344 crore, down by Tk 96.62 crore from that on the previous day.
Beximco topped the turnover leaders with 7.21 lakh shares worth Tk 11.02 crore traded.
Southeast Bank First Mutual Fund was the biggest gainer of the day, posting 2 percent rise in its share prices, while the IFIC bank was the worst loser, slumping by 21.18 percent.
The DSE and CSE submitted budget proposals to the finance ministry, seeking some incentives for the market. But the finance minister told different media that the government will not give any more chances to whiten black money in the stockmarket.