Stocks witnessed a downward trend in the early trading on Tuesday as shaky investors continued their selling binge on sector-wise issues amid earning disclosure session.
Following the previous three days’ decline, the Dhaka Stock Exchange (DSE) opened on a positive note and its key index gained 24 points within the first 10 minutes of trading.
After that the market started to decline. After 30 minutes of trading, the DSE key index lost nearly 4.0 points while the CSE All Share Price Index (CASPI) fell 5.0 points when the report was filed at 10:30am.
DSEX, the prime index of the DSE, went down by 3.85 points or 0.08 per cent to reach 4,805 points at 10:30am.
Two other indices also saw downturn till then. The DS30 index, comprising blue chips, lost 0.91 points to reach at 1,636 and the Shariah Index (DSES) shed 0.18 points to reach at 1,096 points till then.
Turnover, another important indicator of the market, stood at Tk 1.26 billion when the report was filed.
Market insiders said investors are gradually ramping up their sales pressure as some investors were engaging in profit booking while others were becoming anxious over the future economic condition of Bangladesh.
They said the possible second wave of novel coronavirus which appears to be imminent in Europe would negatively affect Bangladesh’s exports and may have adverse impact on the country’s economy.
World Bank’s forecasts a lower GDP growth for Bangladesh also prompting investors for selling shares, said a leading broker.
Of the issues traded till then, 95 advanced, 141 declined and 78 remained unchanged.
The insurance sector continued to dominate the turnover chart with Asia Insurance was the most traded stock till filing of this report with shares worth Tk 208 million changing hands, closely followed by Walton, BGIC, Continental Insurance and Rupali Insurance.
The Chittagong Stock Exchange (CSE) also saw a downward trend till then with the CASPI losing 5.0 points to stand at 13,742, also at 10:30am.
The Selective Categories Index (CSCX) also fell 3.0 points to reach 8,257 till then.
Of the issues traded till then, 23 gained, 36 declined, and 18 issues remained unchanged with Tk 12 million in turnover.