Stocks back in the red
Stocks went back to sinking yesterday just a day after its rising streak in the previous three days, in what can be viewed as a concerning development seeing the host of affirmative actions taken by the government last week.
DSEX, the benchmark index of the Dhaka Stock Exchange, lost 52.82 points to close at 5,342.08. In the previous three days, it had soared 219.44 points, or 4.20 percent.
The falling index encouraged many investors to offload their shares.
“It is a normal process,” said a top official of a leading merchant bank, adding that the slump in turnover is more concerning.
Turnover, another important indicator, dropped 12.8 percent from the previous day to Tk 467.34 crore.
The stock market regulator has taken a host of positive initiatives for stock investors and yet the presence of investors remains low. “It’s a matter of great concern,” the official said.
The top negative contributors to the index were: Grameenphone, United Power Generation and IDLC, according to Amarstock, a private data provider on the stock market.
Fortune Shoes dominated the turnover chart with its transaction of 93.35 lakh shares worth Tk 35.93 crore, followed by Esquire Knit, National Polymer, Legacy Footwear and Monno Ceramic.
SS Steel topped the gainers’ chart thanks to its 9.79 percent spike, while Tung Hai Knitting was the top loser as it lost 8.89 percent.
Chittagong stocks also dropped with the bourse’s benchmark index, CSCX, shedding 63.02 points, or 0.63 percent, to finish the day at 9,925.37.
Losers beat gainers as 54 advanced, 167 declined while 15 finished unchanged on the Chittagong Stock Exchange. The port city bourse traded 77.87 lakh shares and mutual fund units worth Tk 20.31 crore.
