Stocks break gaining streak as turnover tumbles

Shares listed with the Dhaka Stock Exchange (DSE) slipped back into the red yesterday following a two-day break while turnover dropped by more than Tk 100 crore from the previous session.

The DSEX, the benchmark index of the Dhaka bourse, shed 12 points, or 0.19 per cent, to close the day at 6,283 points.

The DS30, which represents blue-chip stocks, fell 0.27 per cent to 2,235 points while the DSES, an index comprised of shariah-compliant companies, edged down 0.22 per cent to 1,371 points.

Turnover, which indicates how much trading activity took place during the session, dropped 18 per cent to Tk 608 crore from Tk 748 crore the day before.

Of the securities traded, 33 advanced, 139 declined and 154 did not show any price movement.

Dhaka stocks fell as risk-averse investor went on quick profit-booking sell-offs amid volatile trading, International Leasing Securities said in its daily market review.

Most large and mid-cap stocks faced profit-booking pressure while some small-cap scrips seemed to have higher demand during the session.

And although the market had opened on an upbeat note, it did not last after the first hour of trading as most investors went for quick profits following a surge in the last two sessions, it added.

All the sectors witnessed price correction except paper, which rose 2.7 per cent, while jute edged up 0.6 per cent. Meanwhile, travel dropped 2 per cent, services fell 1.3 per cent, and general insurance shed 1.1 per cent.

Investor activity was mainly focused on the IT sector, capturing 14.1 per cent of the day's total turnover, followed by pharmaceuticals with 13.7 per cent and paper with 12.3 per cent.

Sunlife Insurance Company topped the gainers list, increasing 7.6 per cent, while Sonali Paper and Board Mills, Silva Pharmaceuticals, Orion Infusion, and Paper Processing and Packaging also featured.

Aamra Networks was the biggest loser, shedding more than 3.5 per cent. Eastern Housing, Shinepukur Ceramics, Reliance Insurance, and Navana Pharmaceuticals were also in the list of top losers.

Stocks of Genex Infosys traded the most with shares worth Tk 55 crore having been transacted. Bangladesh Shipping Corporation, Shinepukur Ceramics, Sonali Paper and Board Mills, and Gemini Sea Food also saw significant turnover.

The Caspi, the all-share price index of the Chittagong Stock Exchange, lost 36 points, or 0.19 per cent, to end the session at 18,535 points.

Of the issues traded, 19 rose, 63 retreated and 56 did not see any movement.

Turnover of the port city bourse dropped 29 per cent to Tk 14.2 crore from Tk 20 crore the previous day.