A red start for stocks
Analysts blamed the “wait and see” approach taken by investors as the main reason behind the sluggish market behaviour
Stocks witnessed a red start in the first session of the week on Sunday, accompanied by slow turnover in the market.
Analysts blamed the "wait and see" approach taken by investors as the main reason behind the sluggish market behaviour.
"It is time to go through the corporate earnings scheduled to come up in the next couple of weeks, but investors are in hibernation mode," said a senior analyst at a top brokerage firm.
Floor traders informed that although the session started with hunger among buyers, the trend did not sustain amid increased sell orders and the indices nosedived. During the last hour of the session, the indices were trying to consolidate after falling throughout the day.
DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), lost 21.13 points or 0.43 percent over the session and closed at 4,916 points.
Blue-chip index DS30 also suffered a similar fall in percentage scale, to close at 1,747 points, while the Shariah index DSES managed to limit the fall within 0.2 percent.
The Chittagong Stock Exchange (CSE) too saw its indices falling, while CSCX, the broad-based index, lost 0.4 percent to close at 9,086 points. The blue-chip index CSE30 fell 0.57 percent.
At the premier bourse, 90 scrips gained price, while 213 lost. The price of 51 securities remained unchanged at DSE. At the CSE, against gains of 69 securities, 146 lost, and the price of 35 remained unchanged.
Turnover at the DSE was down by 6.5 percent that accounted for Tk307 crore on Sunday. Trading volume at the CSE too came down to Tk12.36 crore from Tk15.11 crore during the previous session.
Sectoral scenario reveals that except the low-cap IT, paper and printing, and travel and leisure, all other sectors lost market capital. Ceramic, insurance, fuel and power, and mutual funds led the fall.
Reported year on year double-digit growth in apparel export to the US market over the first eight months of the year helped the textile stocks to hold investors' confidence. The sector remained unchanged in terms of market capital on the first trading day of the week.
Price of Grameenphone shares also remained unchanged.
Engineering sector dominated the turnover chart at the DSE, accounting for over 20 percent of the exchange's trade.
Pharmaceutical stocks produced 13.8 percent of DSE trades in terms of value, followed by fuel and power sector, mutual funds and general insurance.
