Stocks break gaining streak

Turnover of the DSE plummeted 33 per cent to Tk 593 crore from that in the previous day

The stock index in Bangladesh yesterday broke out of a gaining streak of four sessions while turnover of Dhaka Stock Exchange (DSE) tumbled to reach less than Tk 600 crore.

The DSEX, the benchmark index of the DSE, dropped 16 points, or 0.24 per cent, to 6,666 at the end of the day.

Turnover of the DSE plummeted 33 per cent to Tk 593 crore from that the previous day.

The short term profit-booking tendency of cautious investors cut down the price of the board, said International Leasing Securities in its daily market review.

Meanwhile, the investors reduced their participation significantly in the market that caused the turnover to decrease 33.8 per cent.

Moreover, the world's markets tumbled again as China's Covid outbreak is getting worse, it added.

At the day's end, both the DS30, the blue chip index, and DSES, the Shariah-based index, lost 9.55 points and 6.91 points respectively.

Among the sectors, general insurance rose 2.9 per cent, engineering 1.3 per cent and paper and printing increased 0.9 per cent.

As per the turnover, investors' attention was mainly concentrated on engineering (15.5 per cent), financial institutions (11.5 per cent) and pharmaceuticals & chemicals (11.3 per cent).

At the DSE, 113 stocks advanced, 222 declined and 42 remained unchanged.

United Insurance Company topped the gainers' list with a rise of about 7.85 per cent. Provati Insurance Company, Imam Button Industries, Asia Pacific General Insurance Company and Agrani Insurance Company also saw major gains.

Bangladesh Monospool Paper Manufacturing Company shed the most with a 4.98 per cent drop. Gemini Sea Food, JMI Hospital Requisite Manufacturing, Paper Processing & Packaging, and Bangladesh Investment and Finance Company were among those suffering heavy losses.

IPDC Finance became the stock to be traded the most with shares worth Tk 33 crore changing hands followed by Beximco, Orion Pharma, Bangladesh Shipping Corporation and Square Pharmaceuticals.

Chittagong Stock Exchange (CSE) also fell yesterday. The CASPI, the main index of the CSE, dropped 46 points, or 0.23 per cent, to close the day at 19,599.

Of the 276 stocks to undergo trade, 99 rose, 147 fell and 30 did not see any price movement.