Stocks dip amid low investor confidence
The market started the session positively, but gradually moved towards a decline during the later trading hours
Stocks closed negative yesterday, after a positive session on Monday, as investors were mostly liquidating their holdings to restructure their portfolios.
The prime index of the Dhaka Stock Exchange – DSEX – lost 27 points or 0.6 percent to close the day at 4,479 points.
The DSES, the Shariah-based index, slipped 3 points or 0.3 percent to stand at 1,031 points, while DS30, the blue-chip index, shed 10 points or 0.6 percent to settle at 1,526 points.
On the port city bourse, Caspi – the benchmark index – witnessed a loss of 69 points or 0.5 percent to close at 13,643 points.
The market started the session positively, but gradually moved towards a decline during the later trading hours.
Investors mostly concentrated on selling rather than buying, which has resulted in the market fall yesterday.
The key index at the Dhaka bourse has been gradually losing its momentum for the last few sessions, as the earnings declarations have been underwhelming and increase in government's borrowing from the banking sector has been limiting the private sector credit growth, according to the Daily Market Review of EBL Securities Ltd.
Some investors were also engaged in profit-booking as the index had achieved unusual growth at the backend of January, added the review.
Turnover, one of the key indicators of the market, stood at Tk453.9 crore yesterday, 10 percent down from Tk506.4 crore in the previous session.
Engineering stocks contributed the highest, 16.5 percent, to the total turnover value, followed by textile stocks adding 14.1 percent, and pharmaceutical stocks adding 11.4 percent.
Most of the sectors ended in the negative territory yesterday, with telecom and general insurance both exhibiting the highest price correction of 1.7 percent.
On the other hand, jute witnessed the highest price appreciation of 3.3 percent.
The price correction in the telecom sector was explained by the 2.1 percent decline in the telecom giant Grameenphone's share price.
Among the other large-cap sectors, pharmaceuticals gained 0.2 percent, whereas financial stocks lost 1 percent, and banks lost 0.9 percent price in the sector return board.
Lafarge Holcim Bangladesh Ltd was once again the most traded stock with a turnover value of Tk25.5 crore, closing the day at Tk47.8 per share. The stock was followed by BBS Cables with a turnover value of Tk15.5 crore, closing at Tk65.6 per share.
The Gemini Sea Food Ltd topped the gainers' table, advancing 10 percent, closing at Tk164.2 per share, while the Dacca Dyeing and Manufacturing Company Ltd was the day's worst loser after shedding 8.8 percent and closing at Tk3.1 per share, said the DSE website.
Out of 356 issues traded, 131 advanced, 177 declined, and 48 remained unchanged on the DSE trading floor.
