Stock turnover hits four-month low

Bangladesh stock market has continued to bleed for the last four consecutive days while turnover of the market dropped to a four-month low yesterday.

The DSEX, the benchmark index of Dhaka Stock Exchange (DSE), dropped 56 points to 6,898.

The Dhaka bourse extended its losing streak for a fourth straight day as the pessimist group of investors continued their selling binge during the last session, said International Leasing Securities in its daily market review.

Becoming confused with the market direction, the spooked investors tended to remain on the sidelines and were reluctant to make fresh investments in stocks, it said.

Market turnover has gone down to a four-month low at the Dhaka bourse. The 10 stocks that were traded the most captured around 42 per cent where Beximco alone accounted for 12.9 per cent, it added.

Turnover at the DSE fell 10 per cent to Tk 1,154 crore from Tk 1,295 crore a day earlier. Earlier, its turnover was Tk 1,148 crore on June 29.

At the DSE, 89 stocks advanced, 246 declined and 40 remained unchanged.

Bangladesh Lamps topped the gainers' list rising 9.96 per cent followed by Gemini Sea Food, Pharmaids Pharmaceuticals, Kattali Textile and Dacca Dyeing & Manufacturing Company.

Investors are on the sidelines, observing when the stock market will stop falling and turn around to rise, said a stock broker.

This is only because of low confidence, he said.

If stocks bounce back now, general investors will double down on their participation, he added.

Stocks of Beximco were traded the most, worth Tk 149 crore, followed by Orion Pharma, IFIC Bank, British American Tobacco Bangladesh and Delta Life Insurance.

Among major sectors, jute and cement experienced a price appreciation while food and allied, ceramics and engineering faced corrections.

Alif Industries shed the most, dropping 7.04 per cent, followed by Shahjibazar Power Company, Shepherd Industries, Mozaffar Hossain Spinning Mills, and Fareast Finance and Investment.

The Chattogram bourse also fell yesterday. The CASPI, the main index of Chittagong Stock Exchange (CSE), dropped 216 points, or 1.06 per cent, to 20,187.

Among 288 stocks to undergo trade, 59 rose, 201 fell and 28 remained unchanged.