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Stocks plunged on Monday, snapping a two-day gaining streak, as the risk-averse investors opted for booking profit on major sector issues in the ongoing bearishness of the market.
DSEX, the prime index of the Dhaka Stock Exchange, slid 53 points or 0.78 per cent to settle at 6,718, after gaining over 18 points in the past two consecutive sessions.
Two other indices also ended lower. The DSE 30 Index, comprising blue chips, fell 19.25 points to finish at 2,468 and the DSE Shariah Index (DSES) lost 8.88 points to close at 1,462.
Turnover, the crucial indicator of the market, fell below Tk 7.0 billion mark and total turnover amounted to Tk 6.20 billion, which was 26 per cent lower than the previous day’s tally of Tk 8.36 billion.
Market insiders said some investors are taking a cautious stance and favoured engaging in profit booking in the ongoing bearishness of the market.
Despite the regulatory efforts, many investors remained concerned about ongoing macroeconomic trends such as inflationary pressure, rising deposit rates and private sector credit growth rates, they said.
Losers took a strong lead over the gainers as out of 381 issues traded, 296 declined, 46 advanced and 39 issues remained unchanged on the DSE trading floor.
IPDC Finance topped the turnover list for the second straight session with shares worth nearly Tk 509 million changing hands, followed by VFS Thread Dyeing, Beximco, LafargeHolcim and Nahee Aluminum.
The newly listed JMI Hospital Requisite Manufacturing was the top gainer, posting a 9.91 per cent gain, while Fortune Shoes was the day’s worst loser, losing 2.0 per cent.
The Chittagong Stock Exchange (CSE) also ended lower with the CSE All Share Price Index – CASPI –losing 124 points to settle at 19,700 and the Selective Categories Index – CSCX –shedding 75 points to close at 11,818.
Of the issues traded, 197 declined, 48 advanced and 37 issues remained unchanged on the CSE.
The port city’s bourse traded 5.68 million shares and mutual fund units with a turnover value worth over Tk 145 million.