Stocks extend losses as Eid festival nears

FE ONLINE REPORT | Monday, 4 July 2022

The stock market closed marginally lower for the second straight session on Monday amid persistent volatility as investors were mostly cautious to put fresh investments in stocks ahead of the Eid-ul-Azha festival.

The market moved between positive and negative several times before ending over 12 points lower.

DSEX, the key index of the Dhaka Stock Exchange (DSE), went down by 12.90 points or 0.20 per cent to settle at 6,346. DSEX lost over 30 points in the past two days.

Turnover, the crucial indicator of the market, remained low and amounted to Tk 6.62 billion, which was 1.07 per cent higher than the previous day’s tally of Tk 6.55 billion.

Market operators said the profit-booking tendency among investors caused the market volatility while some were reluctant to put fresh funds ahead of the Eid festival.

The DS30 Index, which consists of the blue-chip companies, also dropped 7.26 points to close at 2,284. However, the DSES Index, which represents Shariah-based companies listed on the bourse, saw a fractional gain of 0.41 point to finish at 1,385.

Losers took a modest lead over the gainers as out of 381 issues traded, 182 declined, 149 advanced and 50 remained unchanged on the DSE trading floor.

Robi Axiata was the most-traded stock with shares worth Tk 278 million changing hands, closely followed by Shinepukur Ceramics (Tk 242 million), Meghna Insurance (Tk 238 million), Intraco Refueling Station (Tk 228 million) and Beximco (Tk 190 million).

Zaheen Spinning was the top gainer, posting a 10 per cent gain while Trust Bank was the day’s worst loser, losing 2.0 per cent.

The Chittagong Stock Exchange (CSE) also edged lower with the CSE All Share Price Index – CASPI –losing 5.0 points to settle at 18,693 and the Selective Categories Index – CSCX –shedding 5.0 points to close at 11,204.

Of the issues traded, 128 declined, 123 advanced and 40 issues remained unchanged on the CSE.

The port city’s bourse traded 10.86 million shares and mutual fund units with a turnover value worth nearly Tk 284 million.

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