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Selling spree brings down stock markets

FE Online Report | Published: December 05, 2019 15:43:34 | Updated: December 08, 2019 10:32:15


Stocks slipped back into the red on Thursday, after a single-day break, as cautious investors went on late hours selling binge.

DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 31.64 points or 0.67 per cent to settle at 4,671.

Market analysts said risk-averse investors went on selling binge on selective large-cap issues like LafargeHolcim, Square Pharma, Islami Bank, taking the market in the red zone.

The market opened on positive note and the key index gained more than 21 points within first 30 minutes of trading, but failed to keep the momentum as the session progressed.

Two other indices also ended lower. The DS30 index, comprising blue chips, lost 11.80 points to finish at 1,605 and the DSE Shariah Index shed 5.56 points to close at 1,055.

Turnover, a crucial indicator of the market, also fell and amounted to Tk 4.32 billion, which was 6.50 per cent lower than the previous day’s turnover of Tk 4.62 billion.

Losers took a modest lead over the gainers as out of 346 issues traded, 192 closed lower, 106 ended higher and 48 remained unchanged on the DSE trading floor.

A total number of 127,081 trades were executed in the day’s trading session with trading volume of 177.40 million shares and mutual fund units.

The market-cap of the DSE also fell to Tk 3,523 billion on Thursday, from Tk 3,537 billion in the previous session.

SK Trims & Industries topped the turnover chart with shares worth Tk 159 million changing hands, closely followed by Saiham Cotton Mills, Sonar Bangla Insurance, Indo-Bangla Pharma and Paramount Insurance.

RD Food was the day’s best performer, posting a gain of 9.32 per cent while Familytex BD was the worst loser, losing 11.11 per cent following its ‘no’ dividend declaration news.

The port city’s bourse, the Chittagong Stock Exchange, also ended lower with its All Shares Price Index (CASPI)—shedding 91 points to close at 14,203 and the Selective Categories Index - CSCX –losing 54 points to finish at 8,622.

Here too, the losers beat gainers, as 141 issues closed lower, 82 ended higher and 26 remained unchanged on the CSE.

The port city bourse traded 10.35 million shares and mutual fund units worth nearly Tk 251 million in turnover.

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