Stocks dip under 7,000 points

The stock market index once again fell under the 7,000-point range yesterday as investors have taken a wait and see approach.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE) dropped two points to 6,998.

However, the blue-chip index, DS-30 rose, by five points to 2,625 at the same time.

Turnover, an important indicator of the market, fell 22 per cent to Tk 1,275 crore, down from Tk 1,637 crore a day earlier.

At the DSE, 133 stocks advanced, 205 declined and 38 remained unchanged.

"Investors are waiting on the sidelines as they are confused about the future of the index," a merchant banker said.

No one knows whether the market index will go up or down in the near future but the recent decline has caused panic.

"On the other hand, they were ready to book profits if the index crossed over 7,300 points," he added.

Mozaffar Hossain Spinning Mills topped the gainers list, rising 9.7 per cent, followed by Al-haj Textiles, Hamid Fabrics, Legacy Footwear and Shepherd Industries.

Stocks of Beximco Limited traded the most, worth Tk 128 crore, followed by Fortune Shoes, IFIC Bank, Orion Pharmaceuticals, and Delta Life Insurance.

Midas Financing shed the most, dropping 8.37 per cent, followed by Fareast Life Insurance, AFC Agro Biotech, Meghna Pet Industries, and Lub-rref (Bangladesh).

Among the major sectors, food and allied products rose by 1.01 per cent while engineering increased by 0.95 per cent, and general insurance grew by 0.80 per cent.

However, non-bank financial institutions dropped 2 per cent, cement fell 1.30 per cent and banks downed by 0.70 per cent, according to LankaBangla Securities.

Meanwhile, the Chattogram Stock Exchange recovered somewhat as the CASPI, the main index of the port city bourse, rose by 58 points, or 0.28 per cent, to 20,539 yesterday.

Among the 288 traded stocks, 128 rose, 136 fell and 24 remained unchanged.