Stocks open week with losses

Stocks posted losses on Sunday as uncertainty looms over the economic impact of increasing cases of Covid-19 in Bangladesh.

DSEX, the prime index at the Dhaka Stock Exchange (DSE), slipped 3 points or 0.08 percent to close the day at 3,964.

The Shariah-based DSES index also inched down 0.2 points, or 0.02 percent, to settle at 919.6, while the blue-chip index DS30 went down 3 points, or 0.2 percent, to stand at 1,329.

The benchmark index Caspi at the Chittagong Stock Exchange lost 8 points, or 0.07 percent, to close at 11,259.

The market started the trading session with gains and within the first half hour of trade, the DSEX was above the 3,970-point mark. However, it was followed by a decline in the intraday performance graph and the market kept losing points till the end of the session.

According to the Daily Market Review of UCB Capital Management Ltd, trading activities remained dull due to mixed reactions from investors on the budget for FY21 and uncertainty over Covid-19 pandemic.

Moreover, imposition of floor price continued to leave narrow room for investors to seek opportunities, added the review.

The life insurance sector exhibited the highest price appreciation of 0.5 percent, while the fuel and power sector posted the highest price correction of 0.4 percent in the sector return board on Sunday.

Among the large-cap sectors, pharmaceuticals lost 0.1 percent, telecom gained 0.1 percent and textiles, banking and cement remained flat.

Turnover at the DSE increased by 5.5 percent to Tk53.9 crore on Sunday – from Tk51.1 crore in the previous session.

Meanwhile, turnover at the port city bourse decreased by 80 percent – from Tk12.5 crore to Tk2.5 crore.

The pharmaceuticals sector contributed the most – 37.3 percent – to the total turnover value. It was followed by banking stocks (19.7 percent) and the fuel and power sector (9.5 percent) on the sector-wise turnover distribution board.

The Beximco Pharmaceuticals Ltd once again topped the turnover chart with a turnover value of Tk4.3 crore, closing the day at Tk65.1 per share. The stock was followed by Bangladesh Submarine Cable Company Ltd with a turnover value of Tk3.5 crore, closing the day at Tk79.6 per share.

ICB Employees Provident Mutual Fund 1 Scheme 1 was the best performer on the gainers' table, gaining 9.7 percent and closing at Tk6.8 per share.

Beximco Synthetics Ltd was the worst loser, shedding 8.5 percent and closing at Tk5.4 per share.

Out of the 298 issues traded on Sunday, 27 advanced, 24 declined, and 247 remained unchanged on the DSE trading floor.