Stocks fall below 5,000-mark again after nine days | The Daily Star
12:00 AM, September 23, 2020 / LAST MODIFIED: 01:39 AM, September 23, 2020

Stocks fall below 5,000-mark again after nine days

Stocks continued to fall nosediving below the 5,000-mark yesterday after managing to stay above the level for nine days in a row.

The DSEX, the benchmark index of Dhaka Stock Exchange (DSE), plunged 42 points, or 0.83 per cent, to stand at 4,970.10.

The index went past the 5,000-mark on September 10 after around 54 weeks.

The stock market is going through a correction right now so there is nothing to fear from the fall of the index, said a stock broker.

Moreover, this is creating an opportunity for some investors to make investments, he said, adding that what was more concerning was the fact that trading on the bourses had reduced.

Turnover, one of the important indicators of the DSE, dropped 25 per cent to Tk 977.58 crore.

Of the total 356 stocks traded, 75 advanced, 252 declined and 29 remained unchanged.

The stock market is taking the shape of a wave, which means that investors are taking in profits at the crest, when the index has risen, and buying stocks at the trough, when the index has fallen, said a merchant banker.

"This is a good sign for the market."

When investors take in profits, it gives them the confidence to make further investments, he said.

But some investors are doubtful of investing now apprehending that pouring money amidst the pandemic-induced economic downturn will lead to further losses, the merchant banker added.

"The health specialists fear that a second wave of Covid-19 infections may come in the upcoming winter season and it might be dreadful for the business situation of the country again."

The DSE's turnover list was topped by Beximco Pharmaceuticals which saw shares being traded worth Tk 30.48 crore followed by Brac Bank, Square Pharmaceuticals, Beximco and Rupali Insurance.

Nitol Insurance topped the gainers' list rising 9.86 per cent followed by Global Insurance, Paramount Insurance, Salvo Chemical and Federal Insurance.

BD Welding shed the most, falling 9.48 per cent followed by Golden Son, C&A Textile Familytex and Zahin Textile.

The port city bourse also witnessed corrections yesterday when the CSCX, the benchmark index of the Chattogram Stock Exchange, dropped 83 points, or 0.96 per cent, to 8,514.

Of the 281 stocks, 53 rose, 200 fell and 28 remained unchanged. 

 

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