A representational image of stock market. -- File photo.
Dhaka stocks inched down on Tuesday with the turnover crossing Tk 2,800 crore for the first time in one year as investors were active on both sides of the trading fence.
DSEX, the key index of the Dhaka Stock Exchange, dropped by 0.06 per cent, or 4.22 points, to close at 6,596.65 points on Tuesday after gaining 113.7 points in the previous three sessions.
The market remained bullish for three and a half hours, gaining more than 50 points at one point of Tuesday’s session as some investors encouraged to buy shares amid the recent rally in share prices, market operators said.
However, it started falling in late trading to finish the session in the negative zone as investors rushed to sell shares to book profits, they said.
The activities from both sides raised the turnover to a one-year high on the day.
The turnover on the DSE soared to Tk 2,832.3 crore on Tuesday compared with that of Tk 1,989.83 crore in the previous session.
Tuesday’s turnover was the highest after September 9, 2022 when it was at Tk 2,866 crore.
The market operators said that the market had recently been dominated by the trading of shares of two groups of companies.
Scrips of the Orion and BEXIMCO groups registered over 30 per cent of the day’s total turnover.
Out of the 371 issues traded on Tuesday, 156 declined, 72 advanced and 145 remained unchanged on the DSE.
The overall market was dull and investors remained confused about the recent trend on the market, the market operators said.
More than 140 companies remained at their floor prices on the day.
The Bangladesh Securities and Exchange Commission on July 28 imposed floor prices on all companies to prevent share prices of the companies from falling beyond a certain level.
The Bangladesh Bank on September 13 approved floating rate of foreign exchange that raised the dollar rate to Tk 106.9.
The devaluation of local currency upset the stock market investors, the market operators said.
EBL Securities in its daily market commentary said that despite a staggering start, the rallying market hit a clutch by the end of the session due to sell-offs since the overheated market prompted investors to liquidate their holdings in the recently outperformed stocks.
The DS30 index dipped by 4.34 points to finish at 2,401.76 points and the DSE Shariah index shed 3 points to close at 1,448.38 points.
BEXIMCO topped the turnover chart with its shares worth Tk 342.05 crore changing hands.
Orion Pharma, Bangladesh Shipping Corporation, ACME Laboratories, LafargeHolcim Bangladesh, Eastern Housing, Shajibazar Power Company, Shinepukur Ceramics and Delta Life Insurance were the other turnover leaders.
Central Pharmaceuticals was the day’s best performer, posting a gain of 9.44 per cent, while Bangladesh Welding Electrodes was the worst loser, shedding 9.22 per cent.
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Editor: Nurul Kabir , Published by the Chairman, Editorial Board ASM Shahidullah Khan on behalf of Media New Age Ltd. Hamid Plaza (4th floor), 300/5/A/1, Bir Uttam CR Datta Road, Hatirpool, Dhaka-1205. PABX: +8802-9632245-48. Fax: +8802-9632250, E-mail: [email protected]
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