Stocks end lower as investors remain cautious ahead of budget

Stocks closed lower on Wednesday as investors preferred to remain watchful and monitor the market momentum owing to uncertainties leading up to declaration of the national budget on Thursday.

The prime index of the Dhaka Stock Exchange (DSE), DSEX, went down 23.16 points to settle at 5,224. 

The blue-chip index DS30, a group of 30 prominent companies, saw an increase of a touch more than 1.82 points to 1854.38, while the DSES Index, which represents Shariah-based companies, declined 7.22 points to 1,135.52 till the end.

Turnover, a crucial indicator of the market, stood at Tk 3.81 billion at the end of trading, which is 35.7 per cent lower than the previous trading day.

The premier bourse of the country, DSE, witnessed another downbeat session as bears firmed their control across the trading floor, while investor participation remained sluggish due to the subdued confidence over the market momentum.

The market remained dominated by sellers throughout the session since investors preferred to remain watchful and monitor the market momentum owing to uncertainties leading up to the national budget declaration, according to EBL Securities.

The majority of the stocks saw a price surge, as out of the 397 issues traded, 98 closed higher, 247 ended lower, and 52 remained unchanged on the DSE trading floor.

Taufika Foods and Lovello Ice-cream PLC was the most traded stock, with shares worth Tk 214.76 million changing hands, followed by Beach Hatchery Ltd, Fortune Shoes Limited, Alif Industries Limited and Rupali Life Insurance Company Limited.

Chittagong Stock Exchange (CSE) ended lower, with its All Share Price Index (CASPI) losing 28.11 points to settle at 14943 and the Selective Categories Index (CSCX) losing 19.74 points to 8987.

The port city bourse traded 8.09 million shares and mutual fund units with a turnover volume of Tk 1597 million.

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