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Stocks end nearly flat, turnover remains low

FE REPORT | June 23, 2020 00:00:00

Stocks finished flat on Monday amid sluggish turnover as growing virus fears and the 'floor price' system kept the investors at bay.

DSEX, the key index of the Dhaka Stock Exchange, saw a fractional loss of 0.93 point to settle at 3,962 during the three-hour trading session.

The DSE core index is hovering between 3,950 and 3,970 points in the past two weeks amid worsening virus situation, floor price limitation and disappointment over the proposed budget.

Two other indices also saw fractional losses. The DS30 index, comprising blue chips, fell 0.12 point to finish at 1,326 and the DSE Shariah Index shed 0.14 point to close at 918.

Turnover, a crucial indicator of the market, remained below Tk 1.0 billion-mark to Tk 512 million, which was 32 per cent higher than previous day's 13-year lowest turnover of Tk 386 million.

Market operators said investors found nothing special for the capital market development in the proposed budget while worsening virus situation and floor price system sent the market almost buyer-less.

"The market remained standstill as the pandemic situation is not improving and no positive signal for the capital market investors in the proposed budget," said a merchant banker.

Most of the shares remained stuck at the trading floor. Of the issues traded, 218 remained unchanged while only 17 issues advanced and 15 declined on the DSE floor.

The floor price system enforced by the securities regulator to check free fall of the indices also kept the investors away from the trading activities, said the stockbroker.

A total number of 15,464 trades were executed in the day's trading session with a trading volume of 15.26 million shares and mutual fund units.

Beximco Pharma topped the turnover chart with shares worth Tk 57 million changing hands, followed by Wata Chemicals, Pharma Aids, Indo-Bangla Pharma and Exim Bank.

Sonali Aansh Industries was the day's best performer, posting a gain of 7.18 per cent while Prime Bank was the worst loser, losing 2.73 per cent following its price adjustment after record date.

However, the Chittagong Stock Exchange edged up with its All Shares Price Index (CASPI)-advancing 4.97 points to close at 11,255 and the Selective Categories Index - CSCX -gaining 2.77 points to finish at 6,819.


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