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Stocks extend losses as investors booking profit

| Updated: September 30, 2020 17:36:22

Stocks extend losses as investors booking profit

Stocks extended the losing streak for the two consecutive sessions on Wednesday as risk-averse investors continued profit booking on quick-gaining stocks.

The market opened on an upbeat note and the key index of the major bourse gained 13 points within the first five minutes. But, all the initial gains wiped out as the sessions progressed amid profit booking sell-offs.

Finally, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 19.08 points or 0.38 per cent to settle at 4,963.

Two other indices also ended lower. The DS30 index, comprising blue chips, lost 9.14 points to finish at 1,695 and the DSE Shariah Index shed 5.14 points to close at 1,120.

Turnover, a crucial indicator of the market, stood at Tk 9.14 billion, which was 7.25 per cent higher than the previous session’s turnover of Tk 8.53 billion.

Market operators said the shaky investor grabbed profit on large-cap issues which saw substantial gain in recent price surge.

Fall of large-cap stocks like United Power, LafargeHolcim, Brac Bank, Grameenphone and Square Pharma played a major role behind the correction of the broad index, said a leading broker.

However, a section of investors remained active on the market riding on optimism owing to regulatory moves and resumption of economic activities, he added.

Losers outnumbered the gainers as out of 355 issues traded, 191 closed lower, 132 ended higher while 32 issues remained unchanged on the DSE trading floor.

A total number of 176,327 trades were executed in the day’s trading session with a trading volume of 390.57 million shares and mutual fund units.

However, the market-cap on the premier bourse jumped to Tk 3,996 billion on Wednesday, from Tk 3,986 billion in the previous session, riding on newly listed Walton Hi-Tech Industries.

Paramount Textile topped the turnover list with shares worth Tk 503 million changing hands, closely followed by Beximco, Sandhani Life Insurance, Asia Pacific Insurance and Beximco Pharma.

EBL First Mutual Fund was the day’s best performer, posting a gain of 10 per cent while GQ Ball Pen Industries was the worst loser, losing 8.36 per cent.

The Chittagong Stock Exchange also ended lower with its All Shares Price Index (CASPI)—losing 94 points to close at 14,167 while the Selective Categories Index – CSCX shedding 52 points to close at 8,507.

Of the issues traded, 174 declined, 79 advanced and 28 remained unchanged on the CSE.

The port city bourse traded 17.17 million shares and mutual fund units with turnover value of Tk 600 million



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