Islami Bank leads blue chips in dragging DSEX

Poor performance of the stock of Islami Bank Bangladesh coupled with the erosion of other blue chip stocks caused a sharp fall of the broad index of the Dhaka Stock Exchange (DSE) on Sunday.

Islami Bank's decline on the bourse itself wiped out 29.3 points of the DSE broad index DSEX.

The day's session began with a positive mood. The DSEX then exhibited small ups and downs until the mid session. For the rest of the session the index was on a persistent decline to close at 5,378 points, with a loss of 1.53 per cent or 83.80 points.

The stock price of Islami Bank peaked at Tk 70.4 per share on the DSE on September 25, with a rise of 80 per cent from the price observed on September 9.

Following a DSE query, the company said there was no undisclosed price sensitive information for the unusual price hike and increase in the volume of shares traded.

Later, the company started to lose price.

The other companies on the chart of Sunday's top index draggers included Square Pharmaceuticals, LafargeHolcim Bangladesh, Grameenphone, and British American Tobacco Bangladesh Company.

Of the market leaders, Beximco Pharmaceuticals, however, was the number one index mover, adding 2.9 points to the broad index.

Following the price correction experienced by the majority of the blue chip stocks, the DS30 index slid 1.33 per cent or 26.54 points to close at 1964.30 points.

Of the 392 issues traded, 180 advanced, 156 declined, and 56 were unchanged and the DSE featured a turnover of Tk 3.68 billion, 16.67 per cent up from the previous session.

While it was a bad day for large cap stocks, most of the small companies witnessed appreciation on the premier bourse.

Of them, Fu Wang Food was the number one gainer, with a rise of 9.84 per cent, followed by Fu Wang Ceramics, Rangpur

Dairy & Food Products, Khulna Printing & Packaging, and Deshbandhu Polymer.

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