DSE turnover nosedives to seven-month low
Stocks and shares nosedived yesterday when the market's turnover reached a seven-month low because of a self-assurance crisis among investors.
DSEX, the Dhaka Share Exchange's (DSE) benchmark index, dropped 90.77 items, or 1.65 %, to 5,385.21.
Turnover, an essential indicator of the currency markets, was downed by 32 per cent, to Tk 467 crore. The last time it was therefore low was on July 29, 2020 when turnover reached Tk 399 crore.
The index has been overcast for the last couple of weeks, so various stock prices were a way to obtain losses for investors which in the end had an impact on confidence, said a stock broker.
Investors have their funds stuck as they cannot sell off shares without incurring losses, he said.
So many investors are silent today, he said, adding that investors' funds were typically stuck with shares of Beximco Pharmaceuticals, Robi Axiata and LankaBangla Finance.
If investors hold stocks and shares of companies with good performance records, they will not conclude losing out over time, so they shouldn't go for generating sales, he added.
Companies whose performances are actually low might be the cause of losses anytime, he added.
"The index possesses been falling for the last couple of weeks, which badly downed our portfolio," said stock trader Abdur Raheem, adding, "Traders are in panic."
Panic is contagious, so it further intensified the marketplace fall, he said, adding that institutional investors need to invest more available in the market to keep investors' self-assurance alive.
The turnover's fall proves that institutional investors are now not mixed up in market, he added.
In the DSE, 23 stocks rose, 219 declined and 101 remained unchanged.
Alhaj Textile Mills topped the gainers' list increasing 10 per cent, followed by Intech, Walton Hi-tech Sectors, Unilever Consumer Health care and the Mithun Knitting and Dyeing.
Beximco topped the turnover list with trade worth Tk 105 crore followed by Robi Axiata, Uk American Tobacco Bangladesh, LankaBangla Financing and Beximco Pharmaceuticals.
Prime Finance First Mutual Fund shed the most dropping 6.50 % accompanied by Mir Akhter Hossain, Robi Axiata, Jute Spinners and Sandhani LIFE INSURANCE COVERAGE Company.
On the other hand the port city bourse as well dropped. The CASPI, the Chittagong Stock Exchange's (CSE) general index, fell 256 tips, or 1.61 %, to 15,564.99. Among 186 shares to witness trade, 26 rose, 122 dropped and 38 remained the same.
