|
|
Change Your Life! |
Manipulation and correction: DSE Bounces Back |
|
News
|
|
|
July 22, 2000
Dhaka, July 21 (UNB) – After a transitory upturn, the Dhaka Stock Exchange began to bounce back last week losing 101.85 points from the Bourse’s benchmark index to close the week’s trading at 619.44. The all share price index of the country’s main bourse gained 160.29 points during first fortnight of the month-- 62.10 points in the first week and 98.19 points in the second. Officials at the Securities and Exchange Commission (SEC) claimed that the downtrend of the week ended Thursday was still a price correction against an unusual price hike in the first two days of the previous week to stabilise the market. Officials said they had not yet found manipulation in the capital market’s move back and forth. Market sources said initially the market players might have influenced the capital market to push the prices up attracting investors to rush to the market which helped rise of the index as high as 745.48 points, the highest since beginning of the current fiscal, on July 9. They said the dealers perhaps took the advantage of the incentives given in the new national budget and measures taken by the stockmarket watchdog SEC. The Investment Corporation of Bangladesh (ICB) was very active in the recent-day trading, informed a DSE official. It’s not important whether they influenced the market or not, but the most important thing was that the market retreated from an artificial price hike, he said. Market sources explained last week’s continuous fall, bar Monday, as a trend back towards the 561.00-mark of June 29 from where the index started picking up after the budget announcement and hinted manipulation to some extent. At the close of the week’s trading, the turnover went down to Tk 308.26 million from Tk 435.26 million of the previous week’s last trading day, losing about Tk 127.00 million. The market capitalisation dropped to Tk 58.79 billion from Tk 68.46 billion in the bullish previous week.
|