DSE key index slips to 4.5-month low

The prime index of the Dhaka Stock Exchange (DSE) tumbled to a four-and-a-half-month low on Tuesday as stocks continued to bleed since partial lifting of the floor price, which put further strain on the already battered market.
The market witnessed a downward momentum throughout the session, while the last-hour buying spree on selective issues helped the core index wipe out some losses.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), finally settled 9.42 points or 0.15 per cent lower at 6,180, the lowest since August 14 this year.

The daily trade turnover remained low and amounted to Tk 2.69 billion, 36 per cent up from the previous day's turnover of Tk 1.98 billion, which was the lowest in two and a half years.
The investors were not confident enough to put fresh stakes in stocks amid the ongoing depressed market condition, said a merchant banker.
Amid gloomy market outlook, jittery investors opted to liquidate their holding of shares to avoid further losses, he said.
The market turnover is drying up in absence of buyers while the large-cap stocks that dominated the market turnover chart earlier remained stuck at floor price level.
"Investors are taking a wait-and-see approach ahead of the year-end since there is yet no positive trigger for the market to bounce back from the prolonged bearish sentiment," said EBL Securities.
Moreover, the 1 per cent lower circuit breaker for certain issues curbed market liquidity because the current prices could not attract bargain hunters since they do not perceive those as lucrative investment opportunities, it said.
The Bangladesh Securities and Exchange Commission withdrew floor prices from 169 issues last week but the move has made no impact on the current market situation.
The investors lost their confidence as the market has been in the doldrums since the Russia-Ukraine war began in February and there is no sign of revival from the sluggish trend since then.
According to International Leasing Securities, the investors remained cautious about the macroeconomic challenges amid the cloudy market outlook.
Sell pressure in IT, services, and paper and pharmaceuticals stocks pushed down the prime index to more than four-month low, said the stockbroker.
The IT sector lost 2.6 per cent, followed by services (1.0 per cent) and paper (0.80 per cent).
Most of the traded issues remained unchanged. Of 313 issues traded, 136 declined, 17 advanced and 160 remained unchanged on the DSE trading floor.
Intraco Refueling Station became the turnover leader with shares worth Tk 128 million changing hands, followed by Bashundhara Paper Mills (Tk 86 million), Bangladesh Spinning Corporation (Tk 85 million), Pragati Life Insurance (Tk 84 million) and Genex Infosys (Tk 78 million).
Newly listed Islami Commercial Insurance was the day's best performer, gaining 9.90 per cent while Orion Infusions was the top loser, losing 8.73 per cent.
The pharma sector kept its dominance in the turnover chart, capturing 48.50 per cent of the total day's turnover, followed by IT with 8.80 per cent and paper 7.80 per cent.
The Chittagong Stock Exchange (CSE) also ended lower, with the CSE All Share Price Index (CASPI) losing 25 points to settle at 18,279 and its Selective Categories Index (CSCX) shedding 14 points to close at 10,951.
The port-city bourse traded 2.97 million shares and mutual fund units with turnover value of Tk 223 million.
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