Stocks slide after single-day break

DSE turnover crosses Tk 6.0b-mark after one month


FE Report | Published: November 14, 2018 22:24:37


Stocks slide after single-day break


Stocks slipped into the red on Wednesday, after a single-day break, as cautious investors went on late-hours selling binge on sector specific issues.
Market insiders said shaky investors are closely eyeing the political situation as election nears while lower-than-expected quarterly earning disclosures by a number of companies' prompted the selling.
The market started on positive note and the core index rose about 19 points within first hour of trading. But rest of the session went down steadily.
DSEX, the prime index of the Dhaka Stock Exchange, settled at 5,245, shedding 13 points or 0.24 per cent over the previous day.
According to LankaBangla Securities, the downward shift in the index is mainly driven by significant negative changes in most of the large-cap sectors.
Two other indices-the DS30 index and the DSE Shariah Index (DSES)-also edged lower. The DS30 index, comprising blue chips, fell 6.49 points to finish at 1,860 and the DSE Shariah Index lost 6.35 points to close at 1,206.
Turnover, another important indicator of the market, however, crossed Tk 6.0 billion-mark after one month and total turnover amounted to Tk 6.31 billion, which was 19 per cent higher than the previous day's Tk 5.31 billion.
"Opening enthusiasm failed to endure due to the sell pressure in large-cap sectors, particularly in telecom, pharma, financial institution and banking sectors," commented International Leasing Securities.
The telecom sector suffered most, losing 2.30 per cent, followed by pharmaceuticals with 0.60 per cent, banking 0.30 per cent and financial institutions 0.25 per cent.
Power and engineering gained 1.70 per cent and 0.50 per cent respectively.
Of the traded issues, 138 closed higher, 137 lower and 62 securities unchanged on the premier bourse.
A total number of 149,241 trades were executed in the day's trading session on the DSE with trading volume of 143.59 million securities.
The market capitalisation of the DSE fell to Tk 3,813 billion on the day which was Tk 3,818 billion in the previous session.
United Power dominated the DSE turnover chart for the second straight day with 1.51 million shares worth Tk 477 million changing hands.
The other turnover leaders were Khulna Power Company, Monno Ceramic Industries, IFAD Autos and SK Trims Industries.
The low-cap companies continued to dominate the gainers chart with Central Pharmaceuticals was the day's best performer, posting a gain of 10 per cent while Tosrifa Industries was the worst loser, losing 9.40 per cent.
The Chittagong Stock Exchange (CSE) also saw marginal correction with its CSE All Share Price Index-CASPI-losing 2.62 points to settle at 16,074 and the Selective Categories Index - CSCX -shedding 0.15 points to finish at 9,739.
The gainers beat losers as 106 issues closed higher, 102 ended lower, with 28 issues remaining unchanged on the CSE.
The port city bourse traded 9.10 million shares and mutual fund units worth Tk 259 million in turnover.

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