Stock index, turnover drop

Stocks in Bangladesh dropped for a second consecutive day yesterday while turnover of the Dhaka bourse also fell, with investors showcasing an inclination towards booking profits. 

The DSEX, the benchmark index of Dhaka Stock Exchange (DSE), dropped 20 points, or 0.31 per cent, to 6,468.

Witnessing the drop of the index, investors' participation also fell, so turnover nosedived 24 per cent to Tk 739 crore at the premier bourse of the country. A day earlier the important market health indicator amounted to Tk 974 crore.

The short-term profit-booking tendency of the cautious investors brought down the broad index, said International Leasing Securities in its daily market review.

Some of the investors rebalanced their portfolios, focusing more on insurance stocks rather than the other sectors, which created a huge demand for insurance stocks, it added.

Among the sectors, general insurance rose 3.6 per cent and mutual fund 0.5 per cent, whereas services dropped 1.7 per cent and ceramic 1.5 per cent.

Based on the turnover, investors' activities were mostly concentrated on general insurance (17.6 per cent), pharmaceuticals and chemicals (11.8 per cent), and banking (10.6 per cent) sectors.

Meanwhile, DS-30, the blue-chip index, and DSES, the Shariah-based index, edged down 10 points and 6 points respectively.

At the DSE, 114 stocks advanced, 228 declined and 38 remained unchanged.

Pioneer Insurance topped the gainers' list, rising 9.90 per cent. Paramount Insurance Company, Provati Insurance Company, City General Insurance Company and Renwick Jasneswar and Company also took up positions among the top gainers.

Gemini Sea Food shed the most, dropping 1.99 per cent. Linde Bangladesh, Standard Ceramic Industries, Rahima Food Corporation and Apex Tannery were in the list of those suffering losses.

Beximco became the stock to be traded the most, with shares worth Tk 25 crore changing hands, followed by Salvo Chemical Industry, Provati Insurance Company, Orion Pharma and Bangladesh Shipping Corporation.

Chittagong Stock Exchange (CSE) also dropped yesterday. The CASPI, the all-share price index of the port city bourse, edged down 61 points, or 0.32 per cent, to 18,958.

Among the 308 stocks to undergo trade, 81 advanced, 199 fell and 28 remained the same.