FE REPORT
Turnover on the Dhaka Stock Exchange (DSE) hit further low in the first trading session of the New Year 2023, as investors are yet to come out of depressed sentiment amid persistent declining market trend.
On Sunday, investors' participation in transactions declined by half compared to the previous session and at the end of the session, the turnover stood at Tk 1.78 billion - the lowest value since June 1, 2020.
The premier bourse previously posted a turnover of Tk 1.97 billion on June 1, 2020 amid Covid-19 pandemic.
"Investors continue to remain on the sidelines as their confidence is still shaky," said Ahsanur Rahman, chief executive officer at Brac EPL Stock Brokerage.
He said many good stocks are stuck at the floor-price level for a long time and these stocks can create an opportunity to enhance investors' participation in the near future when the price restrictions are withdrawn.
The turnover declined by half (48.4 per cent) in the first session of the New Year, compared to the last session of the just concluded year.
The turnover on Sunday managed to cross Tk 1.70 billion mainly riding on pharmaceutical and chemical sectors, solely contributing 23.2 per cent.
The engineering and IT sectors contributed 12.1 per cent each in turnover, while investors' participation in the remaining sectors was very thin.
"There was no change in investors' sentiment in the first session of the new year amid the persistent gloomy situation of the country's equity market," said Golam Rabbani, chief executive officer of Modern Securities.
He said investors' enthusiasm was not reflected through turnover value.
The market opened the Sunday's session positively but very soon the DSE broad index DSEX lost some points and exhibited ups and downs till closure.
Of 332 issues traded, 20 advanced, 150 declined and 162 were unchanged and at the end of the session, the DSEX settled at 6195.37 points with a loss of 0.18 per cent or 11.44 points.
The shariah based index DSES and DS30 index also declined marginally.
"Though the market started with an upbeat note, it reversed only after a few minutes and witnessed selling pressure from the pessimistic investors amid a confidence crisis as the session progressed," said a market review of International Leasing Securities.
Of the sectors that saw price corrections, IT declined 2.2 per cent, services and real estate 1.6 per cent, travel and leisure 1.5 per cent, engineering 0.1 per cent, and general insurance 0.4 per cent.
Orion Infusion topped the scrip wise turnover chart with a value of Tk 180 million followed by Intraco Refuelling Station Tk 106 million, and Bashundhara Paper Mills Tk 96 million.
Islami Commercial Insurance Company was the number one gainer with a rise of 9.96 per cent to close at Tk 30.90 each.
Anwar Galvanizing was the worst loser after shedding 4.49 per cent to close at Tk 225.60 each.
© 2024 - All Rights with The Financial Express
