The Financial Express

Stocks slide after two-day sharp rise

| Updated: January 15, 2022 09:15:14


Stocks plummeted on Wednesday, snapping a two-day sharp rise, as the risk-averse investors opted for booking profit on quick-gaining shares.

Following the previous two days’ gain, the market opened higher but profit booking sell-off on sector-wise large-cap stocks eroded the initial gains.

The DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 53.08 points or 0.75 per cent to 6,996, after gaining more than 117 points in the past two consecutive sessions.

Turnover, a crucial indicator of the market, stood at Tk 16.64 billion, which was 16 per cent lower than the previous day’s tally of Tk 19.76 billion.

Market analysts said stocks broke the two-day bull run as the risk-averse investors went on a selling binge on quick gaining stocks amid the rising trend of new coronavirous variant Omicron.

The risk-averse investors booked profit on major sector stocks as the key index crossed the 7000-mark in the previous day.

He noted that overall downward pressure intensified as new variant virus worries further hit investors’ confidence.

Two other indices also ended lower. The DSE 30 Index, comprising blue chips, fell 19.87 points to finish at 2,606 and the DSE Shariah Index (DSES) lost 1.09 points to close at 1,494.

Losers took a strong lead over the gainers, as out of 378 issues traded, 243 declined, 88 advanced and 47 remained unchanged on the DSE trading floor.

Fortune Shoes, which gained 5.57 per cent, was the most traded stock with shares worth Tk 1.01 billion changing hands, closely followed by Beximco (Tk 982 million), Bangladesh Shipping Corporation (Tk 964 million), Power Grid Company (Tk 778 million), and RAK Ceramic (Tk 682 million).

Lovello Ice Cream was the day’s highest gainer, gaining 9.95 per cent while Bangladesh Shipping Corporation was the day’s worst loser, losing 9.98 per cent, after soaring 162 per cent in the past one month.

The Chittagong Stock Exchange (CSE) also ended lower with the CSE All Share Price Index – CASPI –losing 170 points to settle at 20,497 and the Selective Categories Index – CSCX—shedding 103 points to close at 12,313.

Of the issues traded, 194 declined, 81 advanced and 23 remained unchanged on the CSE.

The port-city bourse traded 15.76 million shares and mutual fund units with a turnover value of Tk 723 million.

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