DSE turnover dips below Tk 5 billion-mark again

Stocks plummeted 1.49 per cent Monday, the highest single-day fall in the last 12 weeks, with turnover dipping below Tk 5.0 billion-mark on the major bourse as investors went for panic sell-off.
The market opened higher for a brief period, but started to dive till close of the session on intense selling pressure. DSEX, the prime index of the Dhaka Stock Exchange (DSE), plunged 65.20 points or 1.49 per cent to close at 4,308.44 points.
The two other indices also saw sharp fall. The DS30 index, comprising blue chips, lost sharply by 21.90 points or 1.32 per cent to close at 1,634.38 points. The DSE Shariah Index (DSES) lost 11.28 points or 1.06 per cent to close at 1,048.92 points.
The total turnover on DSE dipped below Tk 5.0 billion-mark after two sessions and amounted to Tk 4.60 billion, which was 18.29 per cent lower over the previous session's five months highest value of Tk 5.63 billion.
The investors' activity remained mostly focused on power, textile and engineering - the sectors that accounted for 29.5 per cent, 13.9 per cent and 13.6 per cent respectively of the day's total turnover.
"After remaining upbeat in the last three consecutive sessions, the market closed in red Monday witnessing the highest correction in the last 12 weeks," said BRAC EPL, a stock brokerage in an analysis.
 "The stock market witnessed a downbeat session amidst dwindled participation from the investors," said International Leasing Securities.
"Investors went for short-term profit booking and panicky sell-off as they were suspicious on the recent trend reversal," said the International Leasing.
The activity from the market participants also dropped as reflected by the plunge in the market turnover, the International Leasing added.
"Optimistic portion of the market had nightmare of a day, watching stocks to plummet while exit options were closing down amid plunging turnover," said IDLC Investments.
Across the bourse, trading screens got overflowed with red as 236 issues went negative against 57 positive ones, said the merchant bank.
LankaBangla Securities said, "The market suffered a drastic fall as investors went on a selling spree".
All the other major sectors closed lower.  NBFIs experienced the highest correction in the session losing 3.49 per cent. Banks also went down by 1.12 per cent. Telecommunication closed lower by a hefty 2.07 per cent.
Pharmaceuticals and power retraced 0.73 per cent and 0.67 per cent respectively. Food and allied went down by 0.37 per cent.
The losers took a strong lead over the gainers as out of 312 issues traded, 236 declined, 57 advanced and 19 remained unchanged.
Activities decreased in the major bourse where trade and volume were down by 14.89 per cent and 23.82 per cent respectively. A total number of 0.120 million trades were executed with trading volume of 103.20 million securities.
The market capitalisation on DSE stood at Tk 3,099.84 billion against Tk 3,133.79 billion in the previous session.
United Power Generation and Distribution Company continued to dominate the top turnover chart with shares worth Tk 606.84 million changing hands followed by Shasha Denims, KPCL, Western Marine and IFAD Autos.
Zahintex Industries was the day's top gainer, posting a rise of 9.52 per cent while Paramount Textile was the worst loser, plunging by 9.32 per cent.
The port city bourse, Chittagong Stock Exchange (CSE) also witnessed sharp decline with its Selective Categories Index - CSCX - lost 121.24 points to close at 8,086.93 points.
Losers beat gainers 179 to 43, with 15 issues remaining unchanged at the port city bourse that traded 10.56 million shares and mutual fund units, turnover value of Tk 423.61 million.
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