Dhaka bourse loses 116 points in two days

Shares on the Dhaka Stock Exchange (DSE) bled for the second session in a row yesterday due to a selling spree despite a reduction in the coronavirus infection rate.

The DSEX, the benchmark index of the bourse, lost 64 points, or 0.92 per cent, to end the day at 6,926. In the last two days, the index dropped 116 points in total.

On the DSE, 77 stocks went up, 270 dropped and 33 remained unchanged, while turnover at the country's premier bourse rose 13 per cent to Tk 1,140 crore.

"Actually, the index dropped as some big players in the market took profits in the last two days," said a top official of an asset management company.

Taking profits is a general tendency but the Bangladesh Securities and Exchange Commission (BSEC) should look into whether they have any ill motive to affect the index, he said, adding that the index is falling at a time when the Covid-19 positivity rate is dropping.

The current positivity rate is 7.82 per cent.

The Directorate General of Health Services reported 13 deaths from Covid-19 on Saturday, the lowest since January 2021, and 21 yesterday.

"General investors should not panic if they hold well-performing stocks," the asset manager added.

Fortune Shoes witnessed the highest turnover with Tk 190 crore. Shares of Beximco worth Tk 54 crore and that of National Life Insurance valued at Tk 39 crore also changed hands.

Orion Pharma and Bangladesh Shipping Corporation also saw heavy trading.

Hakkani Pulp topped the gainers' list, rising 10 per cent. Samata Leather rose 9.96 per cent, Apex Spinning gained 9.95 per cent, GQ Ball Pen was up 9.93 per cent, and Aziz Pipes rose 8.8 per cent.

Genex Infosys lost the most, dropping 8.7 per cent. Yeakin Polymer shed 5.4 per cent, Tamijuddin Textile fell 4.94 per cent, Union Insurance was down 4.93 per cent, and Central Pharmaceuticals slipped 4.34 per cent.

The Chittagong Stock Exchange (CSE) also fell yesterday as the Caspi, the main index of the port city bourse, plunged 229 points, or 1.11 per cent, to hit 20,230.

Of the 313 stocks traded, 77 advanced, 211 fell and 25 did not see any movement.

A top official of the BSEC says the ups and downs are the beauty of the stock market.

"But if it swings fast, then we analyse the reasons to see whether anyone influenced it or not," he said.

"Every investor has the right to sell shares but if anybody thinks that they can bring down the index to protect themselves and avoid punishment from the regulator, he is living in a fool's world."