Stocks drop amid technical glitch

Stocks in Bangladesh dropped yesterday while the trading time was cut short by around two hours due to a technical glitch.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), dropped 36 points, or 0.57 per cent, to close at 6,307 points.

Turnover at the DSE fell 57 per cent to Tk 334 crore while it was Tk 788 crore on the previous trading day.

Trading at the DSE was halted at 10:58am due to the technical glitch and it resumed at 2:10pm before closing at 2:30pm.

Stocks listed with the Dhaka bourse extended their losing streak to a second session consecutively amid a confidence crisis, International Leasing Securities said in its daily market review.

Shaky investors continued their selling binge in major sectors yesterday, when the market started with a downbeat movement that continued till the closure.

Trading hours were reduced to 1 hour and 45 minutes as the DSE was halted due to a technical glitch. This caused the turnover to hit its lowest point in the year.

All the sectors witnessed price correction except travel, which rose 0.3 per cent. Meanwhile, jute dropped 5.1 per cent, paper fell 2.7 per cent and pharmaceuticals dropped 1.1 per cent.

The investors focus was mainly on the pharmaceutical (24.4 per cent), miscellaneous (20.3 per cent) and engineering (12.7 per cent) sectors.

The DS30, the index that consists of blue-chip companies, edged down 0.74 per cent to 2,245 points while the DSES, the shariah-complaint index, dropped 1.02 per cent to 1,384 points.

At the DSE, 18 securities advanced, 82 declined, and 215 remained same.

Navana Pharmaceuticals topped the gainers' list by advancing 10 per cent. Bangladesh Building Systems, ADN Telecom, Orion Infusion, and Indo-Bangla Pharmaceuticals were also in the top gainers' list.

JMI Syringes suffered the highest correction, sliding almost 8 per cent. Tamijuddin Textile Mills, Aramit Ltd, Sunlife Insurance and JMI Hospital dropped more than 7 per cent each.

The CASPI, the all-share price index of the Chattogram Stock Exchange, decreased 86 points, or 0.45 per cent, to end at 18,633.

Of the issues traded at the port city bourse, 31 advanced, 58 declined, and 113 did not show any price movement.