Selling pressure pushes down stocks

Monday, 17 October 2022

FE Report
The Dhaka bourse closed the week's first session with a marginal loss both in the broad index and turnover value as major sectors witnessed price correction following investors' selling pressure.
Most of the major sectors on Sunday witnessed a marginal fall while a majority number of stocks remained stuck at floor prices.
Market operators said investors are being watchful ahead of the upcoming earnings declaration.
The Dhaka Stock Exchange (DSE) opened the day's session positively but soon the DSE broad index DSEX declined some points.
The DSEX exhibited ups and downs till midsession and failed to escape loss as a downward trend persisted till the market closure. At the end, the DSEX settled at 6478.46 points after a loss of 0.24 per cent or 15.78 points.
The shariah-based index DSES declined 0.11 per cent, or 1.53 points, to 162 162 1418.17 points.
The DS30 index comprising blue chip securities closed at 2298.77 points recording a loss of 0.40 per cent or 9.27 points.
"Equity indices ended red, extending their downward momentum from the previous week as investors are yet to rebound confidence on the trading floor," said a market review of EBL Securities.
It said the market movement had been limited to a handful of stocks, while a majority of scrips were stuck at floor prices.
Stocks that fell, 127, outnumbered those -83 --that advanced while 162 remained unchanged on the premier bourse.
The DSE on Sunday posted a turnover of Tk 1.34 billion, which was 4.80 per cent less than in the previous session.
Of the total turnover, Tk 1.19 billion came from transactions executed in the block board of the Dhaka bourse.
Of the sectors which saw price appreciation, textile advanced 0.3 per cent, services & real estate 2.1 per cent, paper & printing 5.4 per cent, Tannery 0.8 per cent, and IT 2.0 per cent.
Of the sectors which witnessed price correction, financial institutions declined 0.3 per cent, fuel & power 0.3 per cent, general insurance 1.1 per cent, pharmaceuticals & chemicals 0.1 per cent, and travel & leisure 3.6 per cent.
"Dhaka bourse passed another down session as the shaky investors continued their selling binge in the major sectors," said a market review of International Leasing Securities.
It said the day's initial upward trend of the market could not sustain as investors preferred to book profit taking the advantage of the recent market surge.
Investors' participation was concentrated mostly on pharmaceuticals & chemicals sectors that grabbed 18.8 per cent of the market turnover.
Beximco was the number one traded stock with a value of Tk 760 million followed by Eastern Housing of Tk 665 million, Orion Pharma Tk 611 million, Anwar Galvanizing Tk 504 million and JMI Hospital Requisite Manufacturing Tk 455 million.
Rangour Foundry saw the highest price appreciation of 10 per cent or Tk 19.70 to Tk 216.70 each.
On the other hand, Indo-Bangla Pharmaceuticals was the worst loser as the price per share fell 9.12 per cent or Tk 2.50 to Tk 24.90.
CASPI, benchmark index of Chittagong Stock Exchange (CSE), on Sunday declined 0.26 per cent or 51.11 points to close at 19059.81 points.
Of 232 issues traded, 70 advanced, 81 declined and 81 were unchanged and the port city bourse posted a turnover of Tk 170.95 points.
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