Stock turnover plunges 33pc

Dhaka stocks witnessed a slight correction yesterday, breaking a four-day gaining streak, as investors opted to offload profitable shares.

DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), dropped 16.92 points or 0.34 per cent to stand at 4,862.22.

Turnover, another important indicator, also fell 33.39 per cent from the previous day to hit Tk 777.42 crore.

"People are taking their profits home as many stocks edged up by 10 to 15 per cent in the last few days," said a top official of a leading stock brokerage house.

Some people are rearranging their portfolio by offloading profitable shares and buying lucrative ones.

As the stock market regulator has become strict to stop gambling and unfair play in the market along with restoring good corporate governance, investors are gaining confidence to pour their money into stocks despite the ongoing pandemic, he added.

Participation of general investors caused a fall in the market index and turnover, said a top official of a merchant bank.

"Institutional investors are still concerned about the Covid-19 outbreak, because of which they are not coming forward," he said, adding that to keep the index and turnover alive, their participation needs to be geared up.

BD Finance topped the gainers' list with a 10 per cent rise followed by Anlimayarn Dyeing, Anwar Galvanising, Desh Garments, and Samata Leather.

Beximco Pharmaceuticals was the leader in the turnover list, as 54.07 lakh shares worth Tk 62 crore of the company changed hands. Other companies in the list were Beximco, Brac Bank, Grameenphone and Orion Pharmaceuticals.

Shyampur Sugar topped the losers' list with a 9.75 per cent fall followed by Zeal Bangla, ICB Third NRB, NCC Bank First Mutual Fund, IFIL First Mutual Fund.

The benchmark index of the port city bourse also witnessed a correction yesterday, dropping 31.26 points or 0.37 per cent to stand at 8,369.