Stocks slide further amid decline in turnover
The DSEX closed 0.69% lower at 6,551 points yesterday
Stocks closed lower yesterday following the highest turnover in the last one year – Tk2,832.30 crore – during the previous session on Tuesday.
Earlier, on 7 September 2021, the daily turnover of the DSE had reached Tk2,866 crore.
The DSE said in a press release on Tuesday that the daily turnover crossed Tk2,800 crore 15 times in its history.
Keep updated, follow The Business Standard's Google news channel
Unlike Tuesday's first hour jump and massive selloff at the end, the market opened with moderate strength and tried to consolidate till the middle of the session on Wednesday.
Sellers, however, pushed most of the scrips and the indices further down in the second half of the trading session.
DSEX, the broad-based index of the Dhaka Stock Exchange (DSE), closed 0.69% lower at 6,551 points yesterday.
According to stockbrokers, serious investors are analysing the upcoming corporate earnings after the recent rally so that they do not end up buying and holding any overpriced stock and the caution is making them book some profits, switching to undervalued stocks from overbought ones.
Negative export growth trend in the first half of September unnerved many investors, while a strong remittance inflow helped the bulls remain active in their preferred scrips, said market analysts.
Turnover in the premier bourse came down to its recent daily average level below Tk2,000 crore yesterday.
The Tk1,808 crore turnover in the DSE on Wednesday was 36% lower than that in the previous session.
Some 58 scrips advanced in the DSE against a decline of 159 scrips. Meanwhile, the price of 154 remained unchanged, mostly because of the price floor.
Blue chip index DS30 fell by 1.12% to 2,374 points on Wednesday.
Of the sectors, travel and leisure, paper, fuel and power, IT, and mutual funds advanced while jute, ceramic, service and real estate, cement, life insurance, miscellaneous, pharmaceuticals, financial institutions, textile, general insurance engineering, tannery, food, telecommunication and banking sectors suffered market capitalisation dropped.
