Dhaka bourse saw another steep fall on Tuesday extending the losing streak for seventh consecutive session as many panic-driven investors exerted sell pressure while others showed reluctant approach to inject funds.
Following the Tuesday's loss of 76.66 points, the DSEX, broad index of Dhaka Stock Exchange (DSE), shed 347.37 points in last seven sessions in a row.
The market opened the day's session with a flying note and the DSEX gained 89 points within 16 minutes.
Later, the DSEX failed to continue its upward trend and a flat movement was observed till mid session.
The broad index afterwards came down heavily due to last hour's selling pressure which forced the broad index to close the session with a sharp loss.
At the end of the session, the DSEX settled at 7020.61 points with a loss of 1.08 per cent or 76.66 points.
The large cap companies having significant influence on index performed mixed on Tuesday.
Of the companies which saw price correction, the share of Grameenphone declined 0.50 per cent, British American Tobacco Bangladesh Company 1.05 per cent, LafargeHolcim Bangladesh 4.0 per cent, and Beximco 1.25 per cent.
On the other hand, the share price of Square Pharmaceuticals advanced 0.13 per cent, Renata 0.11 per cent, MJL Bangladesh 1.96 per cent, and Walton Hi-Tech Industries 0.35 per cent.
"The risk-averse investors preferred sideline due to consecutive price corrections as they fear the indices may decline further," said a market review of International Leasing Securities.
It said many optimistic investors, however, took position on general insurance and life insurance sectors.
These two sectors only saw price appreciation amid the price correction witnessed by other sectors of listed securities on the premier bourse DSE.
Shariah based index DSES on Tuesday declined 1.32 per cent or 20.25 points to close at 1504.92 points.
DS30 index comprising blue chip securities closed at 2656.05 points with a loss of 0.84 per cent or 22.50 points.
Of 376 issues traded, 87 advanced, 254 declined and 35 were unchanged on the premier bourse DSE.
At the end of Tuesday's session, the DSE posted a turnover of Tk 16.82 billion which was 20.73 per cent higher than the turnover of previous session.
Of total turnover, Tk 2.30 billion came from transactions executed in block board.
Of major sectors which saw price correction, bank declined 1.1 per cent, engineering 0.4 per cent, financial institutions 1.7 per cent, fuel & power 0.9 per cent, pharmaceuticals & chemicals 0.7 per cent, telecommunication 0.5 per cent, and textile 2.1 per cent.
Of the sectors which witnessed price appreciation, general insurance and life insurance advanced 0.6 per cent and 4.6 per cent respectively.
Investors' participation was concentrated mostly on life insurance sector which grabbed 18.3 per cent of market turnover followed by banking 15.7 per cent, pharmaceuticals & chemicals 10.3 per cent, and textile 7.8 per cent.
NCC Bank topped the scrip wise turnover chart with a value of Tk 1.04 billion followed by Delta Life Insurance Company Tk 1.02 billion, IFIC Bank Tk 731 million, Orion Pharma Tk 682 million, and Fortune Shoes Tk 673 million.
Delta Life Insurance Company was the number one gainer with a rise of 9.33 per cent to close at Tk 213.10 each.
Bangladesh Lamps was the worst loser after declining 11.04 per cent to close at Tk 208 each.
CASPI, benchmark index of Chittagong Stock Exchange (CSE), declined 0.90 per cent or 186.61 points to close at 20521.07 points.
Of 298 issues traded, 79 advanced, 199 declined and 20 were unchanged and the port city bourse CSE posted a turnover of Tk 487.89 million on Tuesday.
© 2024 - All Rights with The Financial Express
