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The Financial Express

Stocks slump amid lack of confidence

| Updated: December 26, 2021 10:19:49


Stocks slump amid lack of confidence

Stocks ended sharply lower on Thursday, after the previous day’s flat ending, as nervous investors dumped their holdings to avoid further fall.

DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down 51.83 points or 0.76 per cent to settle at 6,702.

Two other indices also ended lower with the DSE 30 Index, comprising blue chips, shedding 24.45 points to finish at 2,511 and the DSE Shariah Index (DSES) losing 10.25 points to close at 1,433.

Turnover, a crucial indicator of the market, remained low and amounted to Tk 8.01 billion, which was 4.43 per cent higher than the previous day’s tally of Tk 7.67 billion.

Market analysts said investors are struggling with a lack of confidence amid concern over omicron while the deteriorating situation between regulators regarding some policy issues affected the investors’ sentiments.

Losers took a strong lead over the gainers, as out of 378 issues transacted, 261 declined, 82 advanced and 35 remained unchanged on the DSE trading floor.

Fortune Shoes was the most traded stock with shares worth Tk 542 million changing hands, followed by Beximco, Beacon Pharma, Asia Insurance, and ONE Bank.

Low-cap companies continued to dominate the gainers’ list with Dacca Dyeing was the highest gainer, gaining 9.94 per cent while Khan Brothers PP Woven Bag Industries was the day’s worst loser, losing 8.39 per cent.

The Chittagong Stock Exchange (CSE) also ended lower with the CSE All Share Price Index – CASPI –losing 138 points to settle at 19,529 and the Selective Categories Index – CSCX-- shedding 83 points to close at 11,734.

Of the issues traded, 177 declined, 89 advanced and 31 remained unchanged on the CSE.

The port-city bourse traded 12.60 million shares and mutual fund units with a turnover value of Tk 489 million.

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