Stocks enter second day of decline

The stock market witnessed a second day of decline yesterday as investors rushed to rearrange their portfolios after listed companies announced their earnings for the first half (July-December) of fiscal 2021-22.

"Some investors took profits while others rearranged their portfolios considering the earnings of their scrips so the index fell," a stockbroker said.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), plunged 53 points, or 0.75 per cent, to 7,019 yesterday. At the DSE, 71 stocks advanced, 270 fell and 39 remained the same.

Beximco Ltd, Beximco Pharmaceuticals and Walton Hi-tech Industries jointly dropped 26 points from the DSEX, according to amarstock.com, a stock market related data provider.

"I think this rise and fall of the index is a normal behavior of the market," he said.

"People sometimes opt to take profits, which may cause the index to fall, but the index is falling faster than it rises, which may impact investor confidence," he added.

Debutant BD Thai Food topped the gainers list, rising 10 per cent, followed by Union Insurance, Apex Footwear, National Tea, and Kohinoor Chemicals. Stocks of Bangladesh Shipping Corporation traded the most, worth Tk 113 crore, followed by Beximco Ltd, Power Grid, British American Tobacco and Fu-Wang Foods.

Acme Pesticides shed the most, dropping 7.32 per cent, followed by Jamuna Oil, Golden Son, Fu-wang Ceramics, and Bangladesh Shipping Corporation.

Among major sectors, paper and printing, food and allied, and tannery closed positive while ceramics, miscellaneous, and services, and real estate faced correction, according to UCB Stock Brokerage.

Turnover at the premier bourse slid 18 per cent to Tk 1,214 crore.

The Chittagong Stock Exchange also eroded yesterday. The CASPI, the main index of the port city bourse, plummeted 149 points, or 0.72 per cent, to 20,552.

Among the 311 traded stocks, 63 rose, 213 fell and 35 remained unchanged.