FE Today Logo

Stocks tumble to one-month low

Newly listed Genex Infosys plunges 9.20pc

FE Report | February 11, 2019 00:00:00

Stocks plummeted on Sunday, pushing the benchmark index down to one-month low, as risk-averse investors went on a selling spree in large-cap sectors' shares.

DSEX, the prime index of the Dhaka Stock Exchange (DSE), dipped 48.18 points or 0.82 per cent to settle at more-than-one-month low of 5,763.

Market analysts said banking, non-bank financial institutions (NBFIs) and telecommunications issues mostly faced the onslaught of selling pressure.

The banking sector suffered the most, shedding 2.0 per cent as 26 banks, out of 30, closed in the red. NBFIs also lost 1.55 per cent, followed by engineering (1.02 per cent), telecoms (0.10 per cent) and power (0.05 per cent).

According to EBL Securities, banking and non-banking financial institutions saw major correction, resulting from non-performing loans issue.

Meanwhile, investors were losing appetite for newly listed Genex Infosys as its share price plunged 9.20 per cent or Tk 5.10 each to close at Tk 50.30 on Sunday, its third session since its trading debut.

Two other indices also ended lower. The DS30 index, comprising blue chips, fell 1.41 points to finish at 2,024. The DSES (Shariah) index also lost 3.12 points to settle at 1,320.

Turnover, another important indicator of the market, stood at Tk 8.12 billion against Tk 7.72 billion in the previous day.

A total number of 180,208 trades were executed in the day's trading session, with trading volume standing at 164.65 million shares and mutual fund units.

The market-cap of the DSE also fell to Tk 4,197 billion, from Tk 4,211 billion in the previous day.

The shaky investors continued to sell off shares in general insurance, bank, financial institution, engineering and textile sectors, which pushed down the market, said International Leasing Securities.

Some smart investors, however, took position in pharma, food and ceramic sector stocks, said the stockbroker.

The pharmaceuticals sector posted a 1.19 per cent gain, followed by food & allied (1.15 per cent).

The losers took a strong lead over the gainers, as out of 348 issues traded, 247 closed lower, 72 ended higher and 29 remained unchanged on the DSE trading floor.

United Power topped the day's turnover chart with 1.62 million shares worth Tk 665 million changing hands, closely followed by Monno Ceramic, Fortune Shoes, Bangladesh Submarine Cable Company and Legacy Footwear.

Fortune Shoes was the day's best performer, posting a gain of 9.17 per cent while Bangladesh National Insurance Company was the day's biggest loser, shedding 9.81 per cent.

The port city bourse -- Chittagong Stock Exchange -- also ended lower with the CSE All Share Price Index - CASPI - losing 185 points to settle at 17,596 while the Selective Categories Index - CSCX - wiped out 112 points to finish at 10,646.

Here too, the losers beat the gainers as 188 issues ended lower, 66 higher and 23 remained unchanged.

The port city bourse traded 8.43 million shares and mutual fund units worth over Tk 270 million in turnover.


Share if you like