Stocks back in the red

Stocks in Bangladesh returned to the red yesterday on rising for just one trading day upon falling for two days, with blue chip stocks dropping amidst pressure from institutional investors intending to make sales. 

The DSEX, the benchmark index of Dhaka Stock Exchange (DSE), edged down 6 points, or 0.10 per cent, to 6,494 yesterday.

The DS30, the index comprising blue chip companies, went down 0.34 per cent to 2,308 points while the DSES, the Shariah-compliant index, fell 0.58 per cent to 1,419 points.

Turnover, however, rose 42 per cent to Tk 1,410 crore at the Dhaka bourse from that the day earlier.

The prime index of the Dhaka bourse slipped into the red amidst volatility as apprehensive investors preferred to book some quick gains on sector specific stocks, said International Leasing Securities in its daily market review.

Trading in the market prevailed on a positive note for a while but ended in the negative after several ups and downs, it said.

The investors were active on both sides of the trading fence as some of the investors booked profits from recent market surges while others increased their active participation, pushing the turnover to increase by 42 per cent.

Among the sectors, service rose 3.7 per cent, general insurance 2.6 per cent and miscellaneous 1 per cent while paper dropped 3.4 per cent and IT 1.7 per cent.

Based on the turnover, investors' focus was mainly on pharmaceuticals (20 per cent), engineering (11.6 per cent) and miscellaneous (11 per cent) sectors.

At the DSE, 101 stocks advanced, 93 declined and 175 remains unchanged.

The Peninsula Chittagong topped the gainers' list, advancing 10 per cent. Sena Kalyan Insurance Company, Navana CNG, Far East Knitting and Dyeing Industries, and Eastern Housing also rose over 9 per cent.

BDCOM Online suffered the highest correction, sliding almost 7.5 per cent. Tamijuddin Textile Mills, Beacon Pharmaceuticals, Aziz Pipes, and Apex Spinning and Knitting Mills also declined by more than 5 per cent.

The Caspi, the all-share price index of the Chattogram Stock Exchange, went down 10 points, or 0.56 per cent, to end at 19,110.

Of the issues that underwent trade on the bourse in the port city, 73 advanced, 67 declined, and 118 did not show any price movement.