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DSE daily trade turnover drops 24pc

Stocks extend losses for second day

FE REPORT | July 15, 2020 00:00:00

Stocks extended the losing streak for the second day in a row on Tuesday as risk-averse investors continued to gain some profits on major sectors' issues amid ongoing pandemic.

The market opened on positive note, but after first half the prime index reversed the trend which continued till the end as the shaky investors liquidated their holdings from most of the major sectors.

At the end of the session, DSEX, the key index of the Dhaka Stock Exchange, went down by 7.36 points or 0.18 per cent to settle at 4,082.

Market analysts said cautious investors continued their profit booking sell-offs as many investors remained worried about the adverse impact of the pandemic on the macro-economic indicators of the country.

A market insider noted that the floor price mechanism kept exit point very narrow.

Most of the major sectors faced price correction owing to investors' profit booking sell-offs, commented UCB Capital Management.

The DS30 index, comprising blue chips, also lost 2.02 points to finish at 1,374. However, the DSE Shariah Index advanced 1.28 points to close at 952.

Turnover, another important indicator of the market, came down to Tk 2.89 billion on the country's prime bourse, which was nearly 24 per cent lower than the previous day's turnover of Tk 3.78 billion.

Block trade contributed Tk 390 million to the day's total turnover where 50 companies' shares were traded on the block trade board.

Lack of institutional buyers coupled with the current floor price mechanism is preventing many investors from selling shares, said a leading broker.

Most of the shares remained stuck at the trading. Of the issues traded, 184 remained unchanged while 43 issues advanced and 120 declined on the DSE floor.

Most of the major sectors suffered losses while optimistic investors took position on general insurance and textile sectors.

A total number of 65,596 trades were executed in the day's trading session with a trading volume of 86.45 million shares and mutual fund units.

The market-cap on the premier bourse also fell to Tk 3,156 billion on Tuesday, from Tk 3,163 billion in the previous session.

Pharmaceuticals sector continued to dominate the turnover chart with Beximco Pharma topped the turnover chart with shares worth Tk 192 million changing hands, closely followed by Square Pharma, Indo-Bangla Pharma, Paramount Textile and Bangladesh Submarine Cable Company.

Republic Insurance was the day's best performer, posting a gain of 9.90 per cent while City Bank was the worst loser, losing 6.89 per cent.

The Chittagong Stock Exchange also drifted lower with its All Shares Price Index (CASPI)-losing 5.53 points to close at 11,601 and the Selective Categories Index - CSCX -falling 2.64 points to finish at 7,031.

Of the issues traded, 41 gained, 61 declined and 88 remained unchanged on the CSE.

The port city bourse traded 5.12 million shares and mutual fund units with turnover value of Tk 176 million.


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