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The Financial Express

Stocks extend losing streak as investors reluctant to take new positions

| Updated: September 28, 2022 13:01:20


Stocks extend losing streak as investors reluctant to take new positions

Stocks extended the losing streak amid low turnover as investors were reluctant to take new positions amid the worldwide interest rate hike.

The market moved between positive and negative several times before closing marginally lower while the prices of most of the shares remained unchanged.

DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), finally went down by 4.18 points or 0.06 per cent to settle at 6,511, after losing over 48 points in the previous trading day.

The DSE Shariah Index (DSES) also fell 0.33 points to 1,420. However, the DS30 index, comprising blue chips, gained 1.97 points to 2,331.

Turnover, a crucial indicator of the market, dropped sharply to Tk 13 billion on the premier bourse, which was 28 per cent lower than the previous day’s tally of Tk 18.10 billion.

Market insiders market witnessed a slow trend as investors were reluctant to take new positions amid the global interest rate hike.

The worldwide interest rate hike to curb inflation caused the decrease in major indices across the world on Sunday as well as in the local market, said the stockbroker.

Most of the traded issues remained unchanged due to the ‘floor price’ restriction. Of the 371 issues traded, 137 declined, 61 advanced and 173 others remained unchanged on the DSE trading floor.

Orion pharma became the most-traded stock with shares worth Tk 1.15 billion changing hands, closely followed by Beximco of Tk 1.14 billion.

The Chittagong Stock Exchange (CSE) also fell slightly with the CSE All Share Price Index (CASPI) losing 1.25 points to settle at 19,181 and its Selective Categories Index (CSCX) shedding 0.68 points to close at 11,497.

Of the issues traded, 106 declined, 43 advanced and 92 issues remained unchanged.

The port-city bourse traded 48.92 million shares and mutual fund units with a turnover value of Tk 1.16 billion.

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