DSE daily turnover hits two-month low

The daily trade turnover on the Dhaka Stock Exchange (DSE) hit a two-month low on Sunday as investors were reluctant to make fresh investments in stocks amid the persistent economic crisis.
Remittance and export earnings fell in September while inflation is rising fast, causing concerns about the market outlook, said a leading stockbroker.
This is the backdrop to foreign exchange reserves dipping below $36 billion last week, eroding investors' confidence.
Turnover, a crucial indicator of the market, stood at Tk 7.88 billion on the country's premier bourse, sliding 19 per cent from the previous day's mark of Tk 9.75 billion.
It was the lowest single-day transaction since August 14 this year, when the turnover was Tk 6.44 billion.
Along with low turnover, DSEX, the prime index of the DSE, also fell by 47.98 points, or 0.75 per cent, to 6,344, after gaining slightly by 2.11 points the day before.
Market insiders said the market remained under pressure amid a prolonged bearish spell while some unfavorable factors have worked as catalysts to generate selling pressure across the bourse.
"Concerns loomed over global economic contraction, and the country's recent macroeconomic cues stoked up investors' sentiment," said the stockbroker.
Investors continued to sell-off their holdings as recent corporate announcements failed to meet their expectations, said EBL Securities. Adding to this are bleak earnings forecasts from upcoming corporate declarations.
The stockbroker noted that the market passed through choppy trading as investors were reluctant to make fresh investments in equities and opted to minimize their losses.
Beximco, Orion Pharma, JMI Hospital Medical Requisite, Olympic Industries, and Kohinoor Chemicals jointly accounted for 19 points fall of the DSEX, according to amarstock.com, a market data analyst.
Major sectors suffered losses. The pharma sector saw the highest loss of 0.64 per cent, engineering 0.42 per cent, non-bank financial institutions 0.24 per cent, banking 0.16 per cent and power 0.08 per cent.
The pharmaceuticals sector dominated the turnover chart, grabbing nearly 24 per cent of the day's total turnover, followed by miscellaneous (14 per cent) and engineering (13 per cent).
Beximco was the most-traded stock with shares of Tk 709 million changing hands, followed by Orion Pharma (Tk 575 million), ADN Telecom (Tk 428 million), Intraco Re-fueling Station (Tk 319 million) and Anwar Galvanizing (Tk 312 million).
The newly-listed Navana Pharmaceuticals was the day's top gainer, soaring 9.72 per cent to Tk 35. Its share rose over 45 per cent in the past four trading days.
BDCOM Online was the day's worst loser, losing 9.91 per cent to Tk 43.60.
The Chittagong Stock Exchange (CSE) also ended lower with its All Share Price Index - CASPI -shedding over 80 points to 18,719, and the Selective Categories Index - CSCX lost over 48 points to close at 11,219.
Of the issues traded, 75 declined, 22 advanced and 131 remained unchanged.
The port city's bourse traded 4.71 million shares and mutual fund units with turnover of Tk 167 million.

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