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Stocks down for fourth day as nerves persist

DSE turnover drops 27pc

FE REPORT | August 12, 2022 00:00:00

Stocks extended the losing streak for a fourth day in a row, as nervous investors continued their sell-offs amid growing macroeconomic worries.

Dhaka Stock Exchange (DSE) opened the day's session in the red. Although the benchmark DSEX index made several recovery attempts before the midsession, less participation of investors pulled down the index again.

After a bumpy ride, the DSEX settled 0.51 per cent or 32.13 points lower at 6,148.76.

Two sub-indices of the DSE also ended lower. The Shariah-based index, DSES, dropped 0.64 per cent or 8.70 points to close at 1345.71 points while the blue-chip DS30 index slipped 0.74 per cent or 16.56 points to close at 2,194.39.

Of 378 issues traded, 96 advanced, 166 declined and 116 remained unchanged on the prime bourse.

Market operators said the inflationary pressure has kept the investors on the sidelines.

"Investors have become much worried not only about their living cost but also about the future of the profitability of listed companies," said a market review of EBL Securities.

On Thursday, the DSE posted a turnover of Tk 5.83 billion, which was 27 per cent lower than the previous session's turnover of Tk 7.99billion.

Of the total turnover, Tk 404 million came from transactions executed in block trades.

According to market review of International Leasing Securities, jittery investors went on a sell-off amid the challenges triggered by fuel price hike.

Of the major sectors which witnessed price corrections, the banking sector declined 0.2 per cent, engineering 0.6 per cent, fuel & power 0.2 per cent, general insurance 0.3 per cent, pharmaceuticals & chemicals 0.4 per cent, telecommunications 0.7 per cent and textile sector 0.7 per cent.

Of the sectors which saw price appreciation, paper & printing, mutual fund and tannery sectors advanced 1.6 per cent, 1.5 per cent and 0.1 per cent respectively.

Investors' participation was concentrated mostly on miscellaneous sector, which grabbed 18.5 per cent of the market turnover followed by textile (18 per cent), pharmaceuticals & chemicals (10.2 per cent), engineering (8.6 per cent) and fuel & power (6.5 per cent).

Beximco Topped the turnover chart with shares worth Tk 835 million changing hands, followed by Intraco Refueling Station (Tk 215 million), Orion Infusions (Tk 163 million), Malek Spinning Mills (Tk 144 million) and Sea Pearl Beach Resort & Spa (Tk 134 million).

SEML FBLSL Growth Fund was the top gainer as it jumped 11.36 per cent to close at Tk 9.80 each.

Jute Spinners was the worst loser, shedding 5.24 per cent or Tk 10 to close at Tk 180.80 each.

The Chittagong Stock Exchange (CSE) also ended lower on Thursday, with its benchmark index, CASPI, losing 0.57 per cent or 105.08 points to close at 18127.68 points.

Of 254 issues traded, 55 advanced, 115 declined and 84 others remained unchanged. The port-city bourse logged a turnover of Tk 169.65 million.

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