Stocks tumble amid sale pressure

Major sectors witness correction

FE Report | Tuesday, 16 October 2018

The indices and turnover value declined on Monday as all major sectors witnessed correction on the premier bourse.
Following investors' less participation, the turnover dropped below Tk 5.0 billion, lowest in last nine sessions.
Around 67 per cent of the listed securities, traded on the day, went into the red on the Dhaka Stock Exchange (DSE).
At the end of the session, The DSE broad index DSEX settled at 5,384.41 points with a loss of 1.13 per cent or 61.99 points.
According to International Leasing Securities, the shaky investors started the session with early-hour sell pressure and there was no sign of intraday reversal, leading the benchmark index to close below the 5,400-mark.
"Notable selling of shares was observed in all the major sectors which contributed to the big fall in the indices," said the International Leasing Securities.
The shariah based index DSES shed 1.13 per cent or 14.33 points to close at 1,248.41 points.
The DS30 index comprising blue chip securities went down by 1.19 per cent or 23 points to close at 1,899.91 points.
According to another market review of EBL Securities, the premier bourse closed in the red zone through extensive price correction amid investors' intention to either pocket profit or curb losses.
"The market failed to stay in green zone as investors shifted towards exerting selling pressure on specific stocks from fuel & power, bank and pharmaceuticals & chemicals sectors," said the EBL Securities.
Of the total issues traded on the day, 75 advanced, 227 declined and 37 were unchanged on the DSE.
The turnover stood at Tk 4.93 billion which was 14.34 per cent less than that of the previous session.
Of the major sectors which declined, bank lost 1.2 per cent, engineering 1.2 per cent, financial institutions 1.6 per cent, fuel & power 1.7 per cent, pharmaceuticals & chemicals 1.1 per cent, telecommunication 0.1 per cent, and textile 0.9 per cent.
Investors' participation was concentrated mostly on fuel & power sector which grabbed 23.70 per cent of the market turnover, followed by textile 15.10 per cent, pharmaceuticals & chemicals 14.10 per cent, and financial institutions 12.80 per cent.
Khulna Power Company topped the turnover chart with a value of Tk 545 million, followed by Summit Power Tk 337 million, United Power Generation and Distribution Company Tk 115 million, Shasha Denims Tk 144 million and, Dragon Sweater and Spinning Tk 136 million.
Legacy Footwear was the number one gainer with a rise of 10 per cent or Tk 17.60 to close at Tk 193.70 each.
Meghna Cement Mills was the worst loser after declining 8.51 per cent or Tk 10 to close at Tk 108.30 each.
On the Chittagong Stock Exchange (CSE), the benchmark index CASPI declined 1.30 per cent or 219.25 points to close at 16,582.15 points.
Of 238 issues traded, 47 advanced, 177 declined and 14 were unchanged.
At the end of the session, the turnover stood at Tk 221.51 million on the port city bourse CSE.

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