Stocks fall but turnover crosses Tk 300cr again

Stocks fell yesterday after rising for two days while the turnover managed to cross the Tk 300-crore mark again after a break of four trading days.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), fell 8 points, or 0.13 per cent, to 6,193 from the previous day.

The DS30, the blue-chip index, dropped 0.15 per cent to 2,193 while the DSES, the index that represents shariah-based companies, decreased 0.18 per cent to 1,353.

The Dhaka stocks slipped into the red after a two-day break as the risk-averse investors continued their selling spree and followed a cautious stance amid gloomy outlook of the economy, said International Leasing Securities in its daily market review.

The regulator ensured that the floor price won't be withdrawn until the secondary market gets the due momentum, but the decision failed to rein in the selling spree of the shaky investors as they are still facing a confidence crisis, it added.

The investors liquidated their investment from service, IT, jute, paper, ceramic and miscellaneous sectors, it added.

Among the sectors, life insurance rose 2.2 per cent, travel 1.5 per cent and general insurance 0.3 per cent, whereas services fell 1.4 per cent and IT 1.1 per cent.

The investors' activity was mostly centered on pharmaceuticals (18.9 per cent), life insurance (16.3 per cent) and IT (11.1 per cent).

Turnover, an important indicator of the market, increased 9 per cent to Tk 318 crore, up from the previous day's Tk 291 crore.

Among the traded companies, 36 advanced, 132 declined and 170 remained the same.

Pragati Life Insurance posted the highest appreciation, rising 9.98 per cent while Islami Commercial Insurance surged 9.78 per cent. Prime Islami Life Insurance advanced 8.22 per cent. Prime Islami Life Insurance, Popular Life Insurance and Fareast Life Insurance also surged over 5 per cent.

Orion Infusion suffered the sharpest fall, sliding 7.38 per cent while Bangladesh Monospool Paper Manufacturing dropped 6.1 per cent and Kohinoor Chemical Industries over 4 per cent.

Intraco Refueling Station was the most-traded stock on the day with its shares worth Tk 26 crore changing hands.

Pragati Life Insurance and Sea Pearl Beach Resort & Spa also saw significant transactions.

The Caspi, the all-share price index of Chittagong Stock Exchange (CSE), decreased 16 points, or 0.09 per cent, to end the day at 18,298.

Of the securities traded, 17 advanced, 45 declined and 66 did not show any price movement.