Confidence crisis brings DSE back to red

A confidence crisis has wiped off all the gain the Dhaka bourse has witnessed in the last six trading days as the benchmark index fell 1.32 percent yesterday.

Moreover, foreign investors sold more shares than what they purchased at a time when participation of institutional investors was thin, causing the DSEX to lose 59.15 points to end the day at 4,400.14.

United Power, Square Pharmaceuticals, Brac Bank, Renata and Olympic hit the index hard, taking away around 20 points from DSEX.

Turnover, another important indicator of the market, decreased by 24.39 percent to Tk 292.46 crore from the previous day.

Khulna Power Company dominated the turnover chart with transaction of shares worth Tk 19 crore, followed by LafargeHolcim Bangladesh, Bank Asia, National Tubes and City Bank.

Emerald Oil was the day’s best performer with a 9.70 percent gain whereas Generation Next Fashion was the worst loser that shed 7.14 percent.

Among the major sectors, textile dropped 2.44 percent, life insurance 2.29 percent and fuel and power 1.79 percent.

Losers beat gainers as 269 issues declined, 52 advanced and 33 finished unchanged on the premier bourse.

The benchmark index of Chittagong Stock Exchange—CSCX—also dropped. It fell 99.16 points, or 1.20 percent, to finish the day at 8,109.28.

Losers beat gainers as 163 declined, 37 advanced and 20 finished unchanged on the port city bourse.

The stock exchange traded shares and mutual fund units worth Tk 9.14 crore.