 | Dhaka stocks go bearish after 11 weeks of gain
11 December, 2010
Dhaka Stock Exchange (DSE) passed a highly eventful and volatile week, and went to bearish mood after 11 straight weeks of gain, due to major price correction and the regulator's intervention.
"The DSE passed a week of acute volatility. The Securities and Exchange Commission's (SEC) two consecutive directives, which were later withdrawn following the investors' demonstration, panic sale of shares, and major price correction finally dragged the market down," dealers said.
On the opening day of the week the market opened with a bullish note, breaking all the previous records. The DGEN closed at 8981.51 points.
However, on Wednesday, the benchmark index shed 547 points within one hour and fifteen minutes of the opening. The SEC is working to find out the reasons behind the massive single day fall.
"Though the market started the week with a strong note, the regulator's two directives, panic sale of shares, and major price correction contributed to the market's downfall later," said a leading stockbroker.
The benchmark DSE General Index (DGEN) closed at 8580.20 with a loss of 257.90 points or 2.92 per cent, which was 8838.10 points at the beginning of the week.
Release link:http://www.thefinancialexpress-bd.com/more.php?news_id=119814&date=2010-12-11
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