Stocks turnover slips below Tk 500cr

Shares on the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) extended losses yesterday as persisting uncertainty over the global economy and the commodity market volatility keep hurting investors' sentiment.

The DSEX, the benchmark index of the premier bourse of the country, slipped 31.81 points, 0.47 per cent, to 6,662, the third consecutive session decline. This is the lowest level for the key index since March 9.

The investors lowered their participation owing to the lack of a clear direction. As a result, turnover, an important indicator of the market, dropped to Tk 490 crore, a decrease of 15 per cent from a day earlier, to plummet to its lowest level since April last year. 

"The investors are liquidating their funds and putting excessive sale pressure that sent all the sectors to the red zone," said International Leasing Securities Ltd in its daily market analysis. 

Both the DS30, the blue-chip index, and the DSES, the Shariah-based index, gave up 5.5 points and 4.5 points, respectively.

Losers outnumbered gainers with 293 stocks declining, 44 advancing and 38 remaining unchanged.

All the sectors witnessed price correction except cement, which was up 1.2 per cent.

General insurance lost 1.5 per cent, the steepest price correction. The paper and printing sector was down 1.5 per cent and tannery fell 1.5 per cent.

The investors' attention was mainly concentrated on textile at 15.5 per cent, followed by engineering at 15.2 per cent and pharmaceuticals and chemicals at 10.4 per cent.

LafargeHolcim Bangladesh, which gained 1.9 per cent on the day, was the most-traded stock on the DSE with its shares amounting to Tk 40.63 crore transacted.

Bangladesh Export Import Company Ltd, Kattali Textile, Bangladesh Building Systems, BBS Cables, and Sea Pearl Beach Resort & Spa also saw heavy transactions.

JMI Hospital Requisite Manufacturing was the top performer, climbing 9.92 per cent. Kattali Textile, BBS Cables, Mozaffar Hossain Spinning Mills, Bangladesh Building Systems, and eGeneration gained between 3 to 6 per cent.

Midas Financing lost the most at 2 per cent, the highest decline permitted by the stock market regulator presently.

The Bangladesh Securities and Exchange Commission lowered the circuit breaker limit to 2 per cent from 10 per cent last month with a view to forestalling the freefall of the stocks amid renewed global uncertainty caused by the Russia-Ukraine war and runaway global commodity prices. 

Rahima Food Corporation, GQ Ball Pen Industries, National Tea Company, Sonali Paper & Board Mills, and BD Thai Food & Beverage all shed nearly 2 per cent.

Similarly, the CASPI, the broad index of the Chittagong Stock Exchange lost 79.36 points, or 0.40 per cent, to close at 19,567.

Of the stocks that underwent trade, 57 rose, 196 fell and 20 did not see any price movement. Turnover, however, rose to Tk 22.48 crore from the previous day's Tk 12.33 crore.