Stocks turnover plummets 22%

Bangladesh's stocks fell for a second consecutive day yesterday while turnover dropped by over 22 per cent.

The DSEX, the benchmark index of Dhaka Stock Exchange (DSE), edged down 5 points, or 0.09 per cent, to close the day at 6,280.

The DS30, the blue-chip index, plummeted 0.11 per cent to 2,228 while the DSES, the Shariah-compliant index, dropped 0.05 per cent to 1,369.

However, turnover, a key indicator of the market, dropped about 22.8 per cent from that on the previous day to Tk 580 crore.

The Dhaka stocks remained in the red for a second consecutive session as apprehensive investors continued to go on a profit-booking selling binge, said International Leasing Securities in its daily market review.

Following the last session's fall, the market started off on a negative note which continued till the closure as the investors liquidated their investments from stocks that achieved short-term gains.

The bargain hunters tried to reverse the downward trend during the first hour of the session but failed, it added.

Among the sectors, jute advanced 4.7 per cent, travel rose 1.6 per cent and ceramic went up 0.4 per cent whereas life insurance dropped 1.4 per cent, general insurance fell 1.3 per cent and cement declined 1.1 per cent.

Investors' activities were mainly focused on the IT sector, capturing 14.8 per cent of the day's total turnover, followed by the pharmaceutical (13.5 per cent) and miscellaneous (12.1 per cent) sectors.

Of the securities, 21 advanced, 152 declined and 165 did not show any price movement.

Sonali Aansh Industries topped the gainers' list with an increase of 6.8 per cent. The Sea Pearl Cox's Bazar Beach Resort & Spa, Monospool Paper Manufacturing Company, Shinepukur Ceramics and Renwick Jajneswar & Co (Bd) were also in the list.

Oimex Electrode lost the most, shedding more than 12 per cent. Pragati Life Insurance, Reliance Insurance, Popular Life Insurance, and BD Thai Food & Beverage also suffered substantial losses as well.

Bangladesh Shipping Corporation was the most-traded stock on the day with shares worth Tk 55 crore changing hands. Genex Infosys, Shinepukur Ceramics, the Sea Pearl Cox's Bazar Beach Resort & Spa and Orion Pharma also saw significant turnovers.

The Caspi, the all-share price index of Chittagong Stock Exchange, lost 52 points, or 0.28 per cent, to reach 18,534.

Of the issues, 21 rose, 64 retreated and 62 did not see any price swings in the Chattogram bourse.

Turnover of the port city bourse dropped 58.5 per cent to Tk 7.3 crore from that on the previous day.