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DSE witnesses marginal losses

FE Report | October 10, 2019 00:00:00

The Dhaka Stock Exchange (DSE) closed the Wednesday's session with a marginal loss and extended the losing streak for third consecutive session.

On the day, the market experienced day long 'selling frenzy' amid investors' lack of confidence.

Subsequently, all sectors of listed securities witnessed price correction and all indices also closed the session with marginal losses.

The price correction witnessed by large cap companies such as Grameenphone and British American Tobacco Bangladesh Company (BATBC) intensified the correction of broad index.

The Dhaka bourse opened the session positively and continued the upward trend for half an hour.

Soon later, the DSE broad index DSEX started to decline and continued the same till closure.

At the end of the session, the DSEX settled at 4862.25 points with a loss of 0.65 per cent or 32.05 points.

The shariah based index DSES declined 0.66 per cent or 7.51 per cent to close at 1123.85 points.

The DS30 index comprising blue chip securities went down by 0.83 per cent or 14.57 points to close at 1724.90 points.

According to a market review of International Leasing Securities, investors went for selling of shares from all sectors that continued till the closure without any major oscillation.

"The chronic declining trend of the index induced the shaky investors to go for sell off shares to avoid further losses in their portfolio," said the International Leasing Securities.

On Wednesday, the losers took a strong lead over the gainers as out of 352 issues traded - 241 declined, 68 advanced, and 43 remained unchanged.

According to another market review of the EBL Securities, the correction of index was led by investors' panic sell pressure on large cap scrips notably Grameenphone and British American Tobacco Bangladesh Company (BATBC).

The turnover stood at above Tk 3.20 billion which was 6.29 per cent higher than the turnover of the previous session on the DSE.

Of the major sectors which witnessed correction, bank declined 0.4 per cent, engineering 1.6 per cent, financial institutions 0.9 per cent, fuel & power 0.6 per cent, mutual fund 0.7 per cent, pharmaceuticals & chemicals 0.1 per cent, telecommunication 1.4 per cent and textile 1.7 per cent.

Engineering sector dominated the turnover board and grabbed 20.5 per cent of the market turnover followed by pharmaceuticals & chemicals 17.30 per cent, fuel & power 10.40 per cent, textile 7.5 per cent, and ceramic 5.3 per cent.

National Tubes topped the turnover chart with a value of Tk 238 million, Square Pharmaceuticals Tk 207 million, Summit Power Tk 204 million, Standard Ceramics Tk 112 million and Monno Jute Stafflers Tk 88 million.

Mutual funds dominated the gainers chart and Prime Finance First Mutual Fund was the number one gainer with a rise of 8.48 per cent or Tk 1.40 to close at Tk 17.70 each.


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