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DSEX retreats as investors stay on the sidelines

Turnover drops 16pc

FE REPORT | October 04, 2022 00:00:00

The benchmark equity index ended in the red, snapping a three-day rally, as some major sectors witnessed price corrections amid sell-offs.

In step with the index, the turnover of Dhaka Stock Exchange (DSE) also declined as investors stayed on the sidelines.

The market opened the day's session positively and the benchmark DSEX index continued an upward trend until midsession. After the midsession, the DSEX failed to sustain as many investors opted to liquidate their holdings to book profits.

The DSEX finally settled 13.21 points or 0.20 per cent lower at 6518.34.

Two sub-indices also ended lower. The Shariah-based DSES index declined 0.10 per cent or 1.46 points to close at 1422.08 points while the DS30 index, comprising blue-chip securities, closed at 2326.17 points with a loss of 0.32 per cent or 7.65 points.

"Equity indices of the Dhaka bourse failed to sustain the steady upbeat momentum since sellers dominated on the trading floor as concerns loomed around recent macroeconomic adversities and investors opted to liquidate some of the holdings ahead of the national holiday," said a market review of EBL Securities.

Of 376 issues traded on Monday, 75 advanced and 122 declined while 179 others remained unchanged on the premier bourse.

The DSE posted a turnover of Tk 12.84 billion, 16.21 per cent down from the previous session's turnover of Tk 15.33 billion.

Of the total turnover, Tk 316 million came from transactions executed in the block board.

"Dhaka Stocks slipped into red, losing 13.24 points from its benchmark index following a three-day gain as the cautious investors involved in quick profit booking on sector specific stocks," said a market review of International Leasing Securities.

Of the sectors which saw price appreciation, banking sector advanced 0.2 per cent, engineering 0.1 per cent, fuel & power 0.3 per cent, and travel & leisure 0.5 per cent, and services & real estate 2.4 per cent.

Of the sectors which witnessed price correction, financial institutions declined 0.6 per cent, general insurance 0.2 per cent, life insurance 0.5 per cent, pharmaceuticals & chemicals 0.2 per cent, telecommunication 0.1 per cent and textile 0.7 per cent.

Investors' participation was concentrated mostly on the engineering sector which grabbed 21.8 per cent of the market turnover, followed by pharmaceuticals & chemicals (15.1 per cent), miscellaneous (11.9 per cent), services & real estate (8.6 per cent), and textile (8.1 per cent).

Orion Pharma topped the scrip-wise turnover chart with a value of Tk 821 million, followed by Beximco (Tk 718 million), Eastern Housing (Tk 604 million), BBS Cables (Tk 570 million), and Bangladesh Building Systems (Tk 464 million).

Summit Alliance Port was the top gainer with a rise of 8.24 per cent or Tk 2.90 to close at Tk 38.10 each.

AND Telecom was the worst loser, shedding 6.77 per cent or Tk 5.60 to close at Tk 77.10 each.

CASPI, the benchmark index of Chittagong Stock Exchange (CSE), declined 0.31 per cent or 60.76 points to close at 19,199.43 points.

Of 236 issues traded on Monday, 68 advanced, 74 declined and 94 others remained unchanged.

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