Stocks keep losing amid growing coronavirus tension

Stocks kept the losing streak on Thursday as concerns over the worsening Covid-19 situation and the floor prices mechanism kept the market almost muted.

DSEX, the key index of the Dhaka Stock Exchange, went down by 10.01 points or 0.25 per cent to close at 3,953.

Market operators said the country’s stock market has become almost buyer less as investors were concerned about the long-lasting impact of the pandemic on the country’s overall economy and their incomes.

Amid the downward trend, share prices of more than two-third of the companies had already hit their respective lowest ceilings but investors remained reluctant to buy shares.

The current floor price limitation is impeding many investors’ willingness of liquidating their portfolios which is causing record low turnover in the market.

Turnover, a crucial indicator of the market, stood at only Tk 430 million on the country’s premier bourse, falling 72 per cent over the last session’s mark of Tk 1.52 billion.

It was the 13 years lowest turnover April 24, 2007.

Of the issues traded, 262 remained unchanged while only 11 issues advanced and 36 declined on the DSE trading floor.

Two other indices also ended lower. The DS30 index, comprising blue chips, fell 7.01 points to finish at 1,321 and the DSE Shariah Index lost 3.03 points to close at 915.

A total number of 10,269 trades were executed in the day’s trading session with trading volume of 16.74 million shares and mutual fund units.

The market-cap of the DSE also fell to Tk 3,099 billion, from Tk 3,103 billion in the previous session.

Beximco Pharma topped the turnover chart with shares worth Tk 68 million changing hands, followed by Grameenphone, Central Pharma, Linde Bangladesh and Square Pharma.

Linde Bangladesh was the day’s best performer, posting a gain of 2.63 per cent while Beximco Pharma was the worst loser, losing 7.28 per cent.

However, the Chittagong Stock Exchange ended slightly higher with its All Shares Price Index (CASPI)—gaining 6.38 points to close at 11,237 and the Selective Categories Index - CSCX –advancing 4.0 points to finish at 6,808.

Of the issues traded, 9 gained, 19 declined and 75 remained unchanged on the CSE.

The port city bourse traded 3.18 million shares and mutual fund units worth Tk 46 million in turnover.

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