Stocks slump as major sectors tumble

Stocks tumbled on Sunday, extending the losing streak for the third straight sessions, amid growing tension over the second wave of coronavirus pandemic while some focused on the primary market.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 34.87 points or 0.71 per cent to settle at 4,845.
The core index lost more than 60 points in the past three consecutive sessions.
The daily trade turnover on the DSE also plunged to Tk 4.95 billion, slumping further by 15 per cent over the previous day's turnover of Tk 5.85 billion.
It was the lowest single-day transaction in four months since July 29, this year, when the turnover totalled a record Tk 3.99 billion.
Market analysts said the investors paid attention to the primary market in recent days while growing tension over the second wave of the coronavirus kept many of them more cautious to invest in stocks, taking the market turnover four months low.
The subscription of the biggest IPO in the history of Bangladesh started on Tuesday which will conclude today (Monday). The company would raise Tk 5.23 billion under the fixed price method.
Recent price bidding and IPO subscription of a number of companies had stuck a large amount of fund in the primary market which is a reason for low turnover in recent days, said a leading broker.
He noted that many investors also reluctant to make fresh investment in stocks following the media reports that the second wave of coronavirus pandemic starts taking a toll on garment export.
The international clothing retailers and brands have placed 30 per cent fewer work orders year-on-year for the next four months starting December, he said, quoting media reports.
Two other indices also closed lower. The DS30 index, comprising blue chips, lost 13.55 points to finish at 1,687 and the DSE Shariah Index fell 4.95 points to close at 1,123.
Stocks nosedived amid growing tension over the second wave of coronavirus pandemic which might have negative impact on the country's economy, commented International Leasing Securities.
The stockbroker said the presence of the investors remained sluggish on the trading floor as they were gearing up for the largest initial public offering of Robi.
Issues from most of the large-cap sectors saw notable selling pressure, particularly from mutual fund, engineering, food, bank, power and telecom sectors, said the stockbroker.
According to EBL Securities, investors are concentrated on primary market to get an IPO lot as Robi- the giant IPO's subscription ended today.
Worried investors of the mutual fund continued to sell-offs their holding since the stock market regulator formed committee to inspect exorbitant price of five mutual funds which dampen investors' confidence in the sector, said the stockbroker.
Losers took a strong lead over the gainers as out of 344 issues traded, 196 closed lower, 70 higher and 78 issues remained unchanged on the DSE trading floor.
A total number of 110,030 trades were executed in the day's trading session with a trading volume of 189.52 million shares and mutual fund units.
Beximco Pharma continued to dominate the turnover chart with 2.97 million shares worth Tk 432 million changing hands, followed by Beximco, ADN Telecom, Paramount Insurance and Brac Bank.
Provati Insurance was the day's best performer, posting a gain of 7.28 per cent while Summit Port Alliance was the worst loser, losing 11.18 per cent following its price adjustment after record date.
The Chittagong Stock Exchange also ended lower with its All Shares Price Index (CASPI)-losing 104 points to close at 13,863 while the Selective Categories Index - CSCX shedding 60 points to close at 8,350.
Of the issues traded, 149 declined, 47 advanced and 45 remained unchanged on the CSE.
The port city bourse traded 6.75 million shares and mutual fund units with turnover value of more than Tk 160 million.

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