DSE drops after dire warning

 Dhaka stocks shed over two percent, a day after leaders of the country's two stock exchanges warned of a looming crisis.

On Sunday the key market index at the DSE slipped by over 187 points or 2.51 percent to close at 7292.54.

Turnover at the bourse also went down by Tk 4.37 billion from the previous session and stood at Tk 23.64 billion.

On Saturday the leaders of Dhaka and Chittagong Stock Exchange urged investors not to invest in the "overheated market."

Around midday, news of the Supreme Courts' decision to vacate the stay order of the High Court concerning SECs' directive on forced sell also poured cold water on the investors.

Only 25 issues out of total 240 managed to gain during the day.

Heavyweight sectors like bank, telecom, fuel and power, non-bank financial institutions, cement and textile saw huge falls during the day.

Over 63 percent of the bank issues, the entire fuel and power sector, 95 percent of the non bank financial issues lost price on the day.

The sole telecom issue, GrameenPhone went down by 3.4 percent to close at Tk 246.90