Stocks plunge on fresh writ petition filed by NCC Bank director
Dhaka, May 22 (UNB) – Stocks at the country’s twin bourse –- Dhaka Stock Exchange and Chittagong Stock Exchange -– made a nosedive on Tuesday following the filing of a fresh writ petition in the High Court by a NCC Bank director against the SEC directive.
The DSE benchmark index, DGEN, plunged by 117.37 points or 2.33 percent to close at 4905.57. The premier bourse showed a gain of 50.50 points or 1.01 percent on Monday.
On Monday, the High Court order on earlier writ petitions upholding the SEC’s directive pushed up stocks at both the bourses that hovered over the negative territory for the fourth straight trading session losing over 80 points.
“Today’s session started with new hopes but eventually got down as the session progressed,” ILDC Investments Limited said in its daily market analysis Tuesday.
It said market nosedived as another writ petition was filled by a director of NCC Bank (Nurul Islam) against SEC as the regulator had not replied to the letter of the same director regarding extension of timeline of directors/sponsors’ share purchase to fulfill minimum shareholding.
“Investors’ confidence got shaky and they refrained from fresh investment. To be in the safe zone, liquidation was most preferable to mass which pulled DGEN down (-117.38 points), at the end,” the commentary said.
During the day’s downward movement, all the major sectors plummeted while general insurance (-3.35%), life insurance (-2.73%) and cement (-3.03%) were the most affected sectors.
The DSE turnover made a sharp fall posting Tk 261 crore on Tuesday against Tk 477 crore recorded on Monday. The premier bourse’s turnover was Tk 278 crore on Sunday while it was Tk 265 crore on Thursday.
Of the issues traded at the DSE on Tuesday, only 13 gained, 240 suffered losses and 13 remained unchanged.
Besides, the CSE key index, CSCX lost 185.30 points to close at 9310.05 on Tuesday though it gained 86.66 points on Monday.
The port city bourse shed 31.38 points and 4.49 points respectively on Sunday and Thursday while 27.57 points on Wednesday. The bourse lost another 81.33 points on Tuesday.
The CSE turnover came down to Tk 35.50 crore today as against Tk 93 crore recorded on Monday. The turnover was Tk 45.62 crore and Tk 73.36 crore on Sunday and Thursday respectively.
At the CSE, 12 issues gained, 170 suffered losses and 3 remained unchanged at the end of trading today (Tuesday).
The DSE benchmark index, DGEN, plunged by 117.37 points or 2.33 percent to close at 4905.57. The premier bourse showed a gain of 50.50 points or 1.01 percent on Monday.
On Monday, the High Court order on earlier writ petitions upholding the SEC’s directive pushed up stocks at both the bourses that hovered over the negative territory for the fourth straight trading session losing over 80 points.
“Today’s session started with new hopes but eventually got down as the session progressed,” ILDC Investments Limited said in its daily market analysis Tuesday.
It said market nosedived as another writ petition was filled by a director of NCC Bank (Nurul Islam) against SEC as the regulator had not replied to the letter of the same director regarding extension of timeline of directors/sponsors’ share purchase to fulfill minimum shareholding.
“Investors’ confidence got shaky and they refrained from fresh investment. To be in the safe zone, liquidation was most preferable to mass which pulled DGEN down (-117.38 points), at the end,” the commentary said.
During the day’s downward movement, all the major sectors plummeted while general insurance (-3.35%), life insurance (-2.73%) and cement (-3.03%) were the most affected sectors.
The DSE turnover made a sharp fall posting Tk 261 crore on Tuesday against Tk 477 crore recorded on Monday. The premier bourse’s turnover was Tk 278 crore on Sunday while it was Tk 265 crore on Thursday.
Of the issues traded at the DSE on Tuesday, only 13 gained, 240 suffered losses and 13 remained unchanged.
Besides, the CSE key index, CSCX lost 185.30 points to close at 9310.05 on Tuesday though it gained 86.66 points on Monday.
The port city bourse shed 31.38 points and 4.49 points respectively on Sunday and Thursday while 27.57 points on Wednesday. The bourse lost another 81.33 points on Tuesday.
The CSE turnover came down to Tk 35.50 crore today as against Tk 93 crore recorded on Monday. The turnover was Tk 45.62 crore and Tk 73.36 crore on Sunday and Thursday respectively.
At the CSE, 12 issues gained, 170 suffered losses and 3 remained unchanged at the end of trading today (Tuesday).
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