DSEX sinks to two-month low

Stocks extended the losing streak on Tuesday, with the core index of the Dhaka Stock Exchange (DSE) dipped to two-month low, as investors stayed cautious amid prolonged bearish trend.

DSEX, the prime index of the DSE, went down further by 67.49 points or 1.25 per cent to settle at 5,317, which is the two months lowest level since December 24, last year.

DSEX lost more than 226 points in the past five consecutive sessions.

Two other indices also ended lower. The DSE 30 Index comprising blue chips, lost 39.83 points to finish at 2,017 and the DSE Shariah Index (DSES) dropped 15.31 points to close at 1,206.

Turnover, a crucial indicator of the market, stood at Tk 5.91 billion on the country’s premier bourse, soaring by 26 per cent over the previous day’s seven-month lowest turnover of Tk 4.67 billion.

Market analysts said the shaky investors continued their sell-offs in major stocks as a lack of positive triggers prevented investors from making fresh investment.

The market remained under pressure in the past few weeks along with sluggish turnover as investors stayed cautious amid ongoing dividend declaration by December-end companies, said a merchant banker.

He noted that pressure on margin loans adjustment to regulatory allowable limit, Bangladesh Bank’s circular regarding dividend limit of banks coupled with price fall of large-cap stocks continued to put a negative impact on the market.

Business conglomerate Beximco Group companies continued to face selling pressure as Beximco lost 7.82 per cent, heavyweight drug maker Beximco Pharma 4.48 per cent and Shinepukur Ceramic lost 5.24 per cent. All three featured in the day’s top losers list.

eGeneration shares were frozen at 50 per cent—the upper limit circuit breaker within a few minutes of transaction-- on its first trading day on Tuesday.

Its share closed at Tk 15, the highest allowable limit on the first day of trading, from its issue price of Tk 10 each, the DSE data shows.

Only two trades were executed at the DSE with a total of 201 shares were changed hands at the halted price as its IPO shares winners were unwilling to sell their stakes hoping for higher profit in future.

Robi, which saw massive selling pressure in the past few days, rebounded in gaining streak with 3.80 per cent gain.

Of the 339 issues traded, 156 declined, 66 advanced and 117 remained unchanged on the DSE trading floor.

Beximco continued to dominate the turnover chart with shares worth over Tk 1.84 billion changing hands followed by BATBC, Beximco Pharma, LankaBangla Finance and Robi.

GBB Power was the day’s best performer, posting a gain of 5.53 per cent while NCC Bank Mutual Find-1 was the worst loser, losing 10 per cent following its price adjustment after record date.

A total number of 110,508 trades were executed in the day’s trading session with a trading volume of 136.77 million shares and mutual fund units.

The market-cap of DSE also fell to Tk 4,570 billion on Tuesday, down from Tk 4,600 billion in the previous day.

The Chittagong Stock Exchange (CSE) also kept losing with the CSE All Share Price Index – CASPI –shedding 181 points to settle at 15,383 and the Selective Categories Index – CSCX losing 110 points to close at 9,278.

Of the issues traded, 99 declined, 45 advanced and 51 remained unchanged on the CSE.

The port city’s bourse traded 5.84 million shares and mutual fund units with turnover value of Tk 265 million.

[email protected]