Local stocks suffer though global markets recover
Stocks in Bangladesh fell for the ninth consecutive day yesterday although nearly all of the major stock markets in the world gained buoyed by a deal between Russia and Ukraine.
The DSEX, the benchmark index of the premier bourse in Bangladesh, lost 74 points, or 1.2 per cent, to close at 6,052. It shed 314 points in the past nine sessions.
Turnover, another key indicator of the market, fell to Tk 470 crore from Tk 676 crore on the previous day.
However, the world's major indices, except those in the US, rose after Ukraine and Russia signed the deal on Friday.
The world's major stocks indices, except those in the US, rose after Ukraine and Russia signed a deal on Friday
The agreement will allow Kyiv to resume exports of grain through the Black Sea after its shipment came to a halt following Russia's invasion of the country on February 24.
The blockade of Ukraine's grain has caused a global food crisis and sent the prices of cooking oils and fertiliser to higher levels.
Thanks to the deal, the DAX, a blue-chip index of Germany, rose 7 points, the CAC 40, the benchmark index of France, advanced 15 points, the Nikkei 225 of Japan rose 111 points, the Hang Seng Index of Hong Kong went up 34 points, and India's BSE Sensex surged 390 points on Friday.
But Bangladesh's stock market maintained the bearish trend. Even, the DSEX slipped below the 6,100-mark.
Jittery investors went on a heavy sell-off to exit from the market by dumping their shares amidst growing economic tension, said International Leasing Securities in its daily market review.
Some of the investors were stuck with heavy losses in their portfolios, it said.
Of the securities traded on the day, 42 advanced, 318 fell, and 22 remained unchanged.
Both the DS30, the blue-chip index, and the DSES, the Shariah-based index, lost 32 points and 16 points respectively.
Meghna Condensed Milk Industries topped the gainers' list, rising 9.82 per cent. FAS Finance & Investment, International Leasing and Financial Services, First Finance, and Meghna Pet Industries rose significantly.
Libra Infusions shed the most, eroding 5.19 per cent. On the day, the company reported negative earnings per share of Tk 7.78 for the financial year that ended on June 30, 2020.
Provati Insurance Company, Berger Paints, Samorita Hospital, and Ring Shine Textiles also suffered major losses.
Orion Infusion was the most-traded stock on the day, with its shares worth Tk 23 crore changing hands, followed by Matin Spinning Mills, KDS Accessories, Prime Textile Spinning Mills, and Fortune Shoes.
The Chittagong Stock Exchange (CSE) also suffered steep losses yesterday. The Caspi, the all-share price index of the bourse in the port city, plunged 160 points, or 0.89 per cent, to close at 17,807.
On the CSE, 44 stocks advanced, 207 fell, and 18 did not see any price movement.