Home ›› 09 Nov 2021 ›› Stock
Selling pressure continued to rule the Dhaka Stock Exchange (DSE) as the benchmark DSEX index breached the 6,800 psychological mark on Monday.
The benchmark index closed its second successive session in the red with a decrease of 56 points or 0.82 per cent to settle at 6,799—its lowest since August 17, 2021 when it was 6,787.
The day kicked off on a positive note briefly. However, the market failed to sustain the gains due to a lack of investor interest and the index marched downwards on heavy selling pressure. A few attempts made to reverse the market direction proved futile and the day ended on a negative note.
The Shariah-based index DSES fell nearly 7 points or 0.47 per cent to 1,437 and the blue-chip DS30 index shed 15 points or 0.58 per cent to 2,583.
Investors remained cautious about the latest fuel price hike, the rift among relevant regulators, and weakening currency value which resulted in negative activity at the market, dealers said.
The trading activity plunged further with the turnover slipping to over six months low, as investors adopted a wait-see approach amid extreme volatility seen by the market in recent weeks.
The DSE turnover stood at Tk 1,075 crore. It is down over 6 per cent and the lowest since April 28, 2021, when it was Tk 940 crore.
The market began to recover just before midday, aided by Grameenphone, Beacon Pharmaceuticals and Orion Pharma.
All the sectors except IT suffered selling pressure led by insurers, financials, textile, food, fuel and engineering.
The market also fell across the board as out of 376 issues traded, 295 closed lower, 55 declined and 26 remained unchanged.
“Investors started to liquidate portfolios and engaged in selloffs amidst day-long volatility in the market,” said EBL Securities in its market analysis
“Investors were carefully watching the fluctuations of stock prices while the rift between BSEC and BB exacerbated the bearishness on the trading floor and made investors nervous. As a result, many investors remained on the sidelines amid a lack of market direction,” it said.
Sena Kalyan Insurance Company hit the upper limit circuit at 10 per cent to over Tk 12 on debut. It was followed by Golden Son, Safko Spinnings Mills, and Aamra Net.
ALif Manufacturing Company was the worst loser, followed by Pharma Aids, Shepherd Industries, Standard Ceramic Industries.
Beximco was the most traded stock, followed by Genex Infosys, NRBC Bank, Orion Pharmaceuticals, IFIC Bank, ALif Manufacturing Company Ltd and Beximco Pharmaceuticals.
The port city bourse, CSE, also settled in red terrain. The selected indices (CSCX) and All Share Price Index (CASPI) declined by 125.4 points and 210.0 points respectively.
