GP pulls down DSE index

The benchmark index of the Dhaka Stock Exchange (DSE) saw a five-month biggest decline Wednesday, led by heavyweight Grameenphone (GP) shares that fell 7.53 per cent.

The market started with negative activity as it slid steeply, losing 30 points in the first twenty minutes. However, it recovered five points in the next ten minutes before falling steadily until close of the trade.

The benchmark DSE General Index (DGEN) tumbled 72.04 points or 1.73 per cent to close at 4077.77, its single-day sharpest fall since July 5 this year when it lost 103 points.

Gain in banking issues failed to prevent the DGEN from falling as most of the sectors also edged lower.

The broader All Shares Price Index (DSI) lost 54.66 points or 1.58 per cent to close at 3383.38 while DSE-20 Index (DS20) comprising blue chips finished at 2336.27 with a fractional gain of 0.88 points or 0.03 per cent.

Erosion in share price of GP, the market's largest contributor to market capitalisation, pulled the market down throughout the session, according to stockbrokers.

GP shares were traded at the lowest values since the beginning of its trade in DSE Monday last. However, its volume of trade was the highest for the day.

Stock prices of the GP closed at Tk 158.20, down 7.53 per cent from the previous day's close at Tk 171.10. However, its highest and lowest trading prices were Tk 170.20 and Tk 158.00 respectively.

The market was skewed towards losers as out of 235 issues traded, 89 went into the negative territory, 145 ended into the positive and one remained unchanged.

The total turnover suffered as it stood at Tk 8.17 billion, down 11 per cent from the previous session's Tk 9.14 billion.

GP continued to retain the top position in the turnover list since its debut three days back with shares worth Tk 440.33 million changing hands.

It was followed by Titas Gas, Summit Alliance Port, Social Investment Bank, Jamuna Oil, AB Bank, Beximco, Padma Oil, Bextex and National Bank Limited.