DSE turnover drops to less than Tk 1,000cr

Stocks more or less flatlined following fluctuations of the benchmark index at Dhaka Stock Exchange (DSE) yesterday while turnover dropped to less than Tk 1,000 crore. 

The DSEX, the benchmark index of the DSE, went up 2 points, or 0.03 per cent, to 6,392 points.

Turnover at the DSE dropped 17 per cent to Tk 975 crore from that on the previous trading day. The last time it had gone below Tk 1,000 was on October 12, when it was Tk 994 crore.

The DS30, the index that consists of blue-chip companies, went up 0.29 per cent to 2,277 points while the DSES, the Shariah-compliant index, dropped 0.03 per cent to 1,407 points.

At the DSE, 60 securities advanced, 78 declined, and 225 remained the same.

Dhaka stocks inched up snapping a five-day losing streak as pessimist investors continued to go on a selling binge from the opening of the session till an hour before the closing, said International Leasing Securities in its daily market review.

Confused about the market's direction, the apprehensive investors attempted to remain on the sidelines and were reluctant to make fresh investments in stocks, it said.

The increasing rate of inflation that crossed 9 per cent is signaling another interest rate hike in the coming months.

As a result, the flow of funds to the capital market may shrink, it added.

Among the sectors, paper advanced 2.7 per cent, travel 0.6 per cent and miscellaneous 0.5 per cent whereas jute dropped 4.9 per cent, service 1.2 per cent and cement 1 per cent.

Based on the turnover, investors' focus was mainly on miscellaneous (18.5 per cent), pharmaceuticals (17.9 per cent) and engineering (17.6 per cent) sectors.

Navana Pharmaceuticals topped the gainers' list, advancing 10 per cent. ADN Telecom, Indo-Bangla Pharmaceuticals, Orion Pharma and Summit Alliance Port also rose over 6 per cent.

Gemini Sear Food suffered the highest correction, sliding down almost 14 per cent. BDCOM Online, Tamijuddin Textile Mills, Paper Processing and Packaging, and Apex Foods declined by more than 8 per cent.

The Caspi, the all-share price index of Chattogram Stock Exchange, decreased by 20 points, or 0.10 per cent, to end at 18,800.

Of the issues that were traded on the bourse in the port city, 34 advanced, 76 declined, and 91 did not show any price movement.