Loading...

Selling pressure continues on DSE

FE Report | Published: January 10, 2020 10:40:04 | Updated: January 17, 2020 11:04:56


File photo (Collected)

The core index of Dhaka bourse on Thursday settled below 4200 points after losing 262 points in five sessions in a row amid investors' panic sales executed throughout the week.

The Dhaka Stock Exchange (DSE) closed the Thursday's session with a moderate loss while it witnessed sharp corrections in previous four sessions.

On the day, the telecommunication sector witnessed the highest correction as the share price of Grameenphone dipped further.

The market opened the day's session with a positive note but soon later the DSE broad index DSEX displayed a straight fall for around an hour.

A recovery stance pulled the broad index for a while during the mid session but failed to sustain and ultimately closed the session a moderate loss as investors exerted selling pressure in sector-specific stocks.

At the end of the session, the DSEX lost 0.73 per cent or 30.97 points to close at 4197.339 points, the lowest level since May 2, 2016.

Earlier, the DSEX came down to 4171.40 points on May 2, 2016.

According to a market review of International Leasing Securities, investors' selling appetite was observed from the beginning of the session, though some enthusiastic efforts were observed during the mid session to reverse the trend.

"But the efforts failed to sustain because of the strong presence of the risk-averse investors," said the International Leasing Securities.

On Thursday, The shariah based index declined 0.83 per cent or 7.97 points to close at 945.91.

The DS30 index comprising blue chip securities closed at 1406.37 points with a loss of 1.05 per cent or 15 points.

International Leasing Securities also said the selling of shares was observed mostly in telecommunication, pharmaceuticals, bank, financial institutions and food sectors.

"Continued price correction tempted the bargain hunters to take position in fuel & power, cement and life insurance sectors stocks considering their lucrative price level," said the International Leasing Securities.

Of 352 issues traded, 126 advanced, 173 declined and 53 were unchanged on the premier bourse DSE on Thursday.

And the turnover stood at above Tk 3.01 billion which was 7.68 per cent higher than the turnover of the previous session.

Of the major sectors which witnessed price correction, the market cap of engineering declined 1.2 per cent, financial institutions 1.4 per cent, bank 0.4 per cent, pharmaceuticals & chemicals 1.9 per cent, and telecommunication 3.4 per cent.

Of the sectors whose share prices rose, cement advanced 2.2 per cent, fuel & power 1.0 per cent, and textile 0.2 per cent.

On the Chittagong Stock Exchange (CSE), the benchmark index CASPI declined 0.92 per cent or 118.75 points to close at 12768.94 points.

Of 240 issues traded, 77 advanced, 126 declined and 37 were unchanged and the turnover stood at above Tk 107.25 million on the port city bourse CSE.

mufazzal.fe@gmail.com

Share if you like