Stocks slip into red snapping four-day winning streak

Stocks slipped into the red on Tuesday, snapping a four-day winning streak, as cautious investors opted for booking profit on quick-gaining issues amid virus worries.

The key index of the Dhaka Stock Exchange (DSE) dropped by 23.36 points, 0.37 per cent, to settle at 6,196.

The DSEX gained 227 points in the past four straight sessions.

The DSE Shariah Index also shed 1.99 points to close at 1,324. However, the DS30 index, comprising blue chips, advanced 3.92 points to finish at 2,229.

Market operators said the retail investors opted for booking profit on sector-specific stocks as the Covid-19 cases and deaths are rising alarmingly every day in the country.

The risk-averse investors sell-offs, particularly from banking, general insurance, food, engineering, telecom and textile sector stocks to make some profits, said a merchant banker.

Turnover, a crucial indicator of the market, stood at Tk 17.89 billion on the country’s premier bourse, climbing further by 15.34 per cent over the previous day’s mark of Tk 15.51 billion.

Losers took a strong lead over the gainers, as out of 374 issues traded, 224 ended lower, 142 closed higher, eight remained unchanged on the DSE trading floor.

A total of 276,089 trades were executed in the day’s trading session with a trading volume of 751.64 million shares and mutual fund units.

The market capitalisation of DSE also fell to Tk 5,159 billion on Tuesday, from Tk 5,173 billion on the previous day.

Beximco - the flagship company of Beximco Group- topped the turnover chart with shares worth Tk 973 million changing hands, followed by LankaBangla Finance (Tk 495 million), Aman Feed (Tk 484 million), Keya Cosmetics (Tk 425 million) and ML Dyeing (Tk 422 million).

Newly-listed Sonali Life Insurance was the day’s best performer, posting a gain of 9.91 per cent. Malek Spinning Mills was the worst loser, losing 7.12 per cent.

The Chittagong Stock Exchange also ended marginally lower with its All Shares Price Index (CASPI)—losing 79 points to close at 17,956 while the Selective Categories Index – CSCX shedding 36 points to close at 10,782.

Of the issues traded, 166 declined, 134 advanced, 12 remained unchanged on the CSE.

The port city bourse traded 36.86 million shares and mutual fund units with a turnover value of Tk 810 million.

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