Stocks distressed by GP fall

Dhaka stocks suffered a steep decline yesterday, as most sectors went down, led by a fall in the prices of Grameenphone.
Insiders said the market was passing through a tensed phase ahead of a crucial verdict on the Bangabandhu killing case.
“It's going to be a major event in Bangladesh's history. And investors are on a 'wait-and-see' mode that partly impacted the market,” said a market analyst.
The benchmark index of Dhaka Stock Exchange, DSE General Index, dropped by 72.04 points, or 1.73 percent, to 4,077.77.
“The gain in the banking sector was not strong enough to pull the market as other sectors went down together with the telecom sector,” BRAC-EPL, an investment firm, said in an analysis.
The banking sector gained 0.86 percent. Of the highest gainers, City Bank jumped by 7.29 percent and One Bank by 7.04 percent.
According to the BRAC-EPL analysis, price depreciation in Grameenphone shares pulled the market down throughout the session.
Grameenphone closed at its lowest on the third day of its trade on the DSE. The price went down 7.54 percent to Tk 158.20 at the end of the session.
The leading cellphone operator joined the stock market with 135 crore ordinary shares of Tk 10 each. However, the offer price was Tk 70 per share, of which Tk 60 was premium. It raised Tk 486 crore through an initial public offering (IPO) and another Tk 486 crore through pre-IPO or private placement.
The broader DSE All Share Price Index plunged 54.66 points, or 1.58 percent, to 3,383.38.
Losers beat advancers 145 to 89 with one security remaining unchanged. A total of 2,67,94,963 shares and mutual fund units worth Tk 816.14 crore traded on the premier bourse.
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