The Financial Express

Stocks tumble despite blue-chips boost

| Updated: October 06, 2021 17:12:21

Stocks tumble despite blue-chips boost

The prime index of Dhaka Stock Exchange (DSE) dropped on Monday, snapping a five-day winning streak, despite a rise in prices of blue-chip stocks amid increased purchase by institutional investors.

DSEX, the prime index of the DSE, plunged by 28.49 points or 0.38 per cent to settle at 7,327, after gaining 119 points in the past five trading days.

However, the blue-chip index, DS30, rose by 23.55 points or 0.85 per cent to close at a new peak at 2,765.

As many companies fell by a higher extent, the prime index fell despite the rise of blue-chip stocks, said a merchant banker.

Share prices of 79 per cent traded issues ended lower as out of 376 issues traded, 297 closed lower, only 48 higher and 31 issues remained unchanged on the DSE trading floor.

British American Tobacco, Beximco, Beximco Pharma and Beacon Pharma had a big impact on the blue-chip index, market analysts said.

Institutional investors are currently active in the market and are buying good stocks. “So, the blue-chip index is rising," said a stockbroker.

He noted that selective large-cap blue chip stocks save the market index from a big fall.

However, general investors are not returning to good stocks, and instead are pouring money into shares with low fundamental values.

Turnover, another important indicator of the market, stood at Tk 27.55 billion on the prime bourse, which was 13 per cent higher than the previous day’s tally of Tk 24.39 billion.

A total number of 339,715 trades were executed in the day’s trading session with a trading volume of 578.94 million shares and mutual fund units.

The market capitalisation of the prime bourse stood at Tk 5,820 billion on Monday, down from Tk 5,829 billion in the previous session.

Beximco topped the DSE turnover list after three-break with shares worth Tk 1.76 billion changing hands, closely followed by LafargeHolcim (Tk 1.74 billion), Orion Pharma (TK 1.05 billion), Beximco Pharma (Tk 764 million) and LankaBangla Finance (Tk 721 million).

Orion Infusions was the day’s top gainer, posting a 9.82 per cent gain while Shurwid Industries was the worst loser, losing 9.65 per cent.

The Chittagong Stock Exchange (CSE) also ended marginally lower with the CSE All Share Price Index – CASPI –losing 37 points to settle at 21,473 and the Selective Categories Index – CSCX shedding 19 points to close at 12,897.

Of the issues traded, 238 declined, 66 advanced and 18 remained unchanged on the CSE trading floor.

The port city’s bourse traded 25.77 million shares and mutual fund units with turnover value of Tk 1.15 billion.

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