DSEX falls below 7,000- level after two weeks

Dhaka stocks finished sharply lower in the final session of the week pulled down by all the sectors.

The benchmark DSEX index failed to sustain its level above the 7,000-psychological barrier after two weeks.

At close on Thursday, the index fell 52 points or 0.74 per cent to settle at 6,991 after marginal rise in the previous session.

Its junior indices—the Shariah-based index DSEX shed 13 points or 0.85 per cent to 1,508 while the blue-chip comprising DS30 index was down 24 points or 0.95 per cent to 2,573.

The market looked shaky throughout the week as the trading remained ranged-bound amid lackluster trade.

Steepest selling pressure was observed in insurers, textile, telecom, banks, technology and pharmaceutical sectors.

Sectors contributing to the performance included general insurance (-6.3 per cent), NBFI (-4.8 per cent), service & real estate (-4.1 per cent), travel & leisure (-3.2 per cent), ceramics (-2.1 per cent), fuel & power (-2 per cent), telecom (-1.4 per cent) and bank (-1.1 per cent).

Stocks that contributed significantly to the volumes included miscellaneous (-17.74 per cent), pharmaceuticals (-16.43 per cent), engineering (-11 per cent), textile (-8.3 per cent), food & allied (-8 per cent), bank (-7 per cent), insurance (-4.66 per cent), NBFI (-4.41 per cent) and fuel & power (-4.29 per cent).

Individually, stocks that contributed negatively were ICB (-4.61 points), Square Pharmaceuticals (-4 points), Renata (-3.23 points), Robi (-3.16 points), BATBC (-2.85 points), Walton Hi-Tec Industries (2.55 per cent), Beximco Pharmaceuticals (-2.49 per cent), and Grameenphone (-1.83 per cent).

“Stocks plummeted as heavy profit booking sell-offs in major sectors pushed the market down,” said EBL Securities in a note.

Most investors remained on the sidelines, looking for opportunities to take new positions in prospective companies ahead of the December-end declarations, it said.

Consequently, trading activity was a little sluggish. Besides, investors’ participation declined significantly while total turnover has decreased by 17.2 per cent to stand at 1,000 crore as against Tk 1,214 crore in the previous session.

Out of the 385 issues traded, 75 advanced, 257 declined, and 53 remained unchanged.

The port city bourse, CSE, also tumbled in red terrain. The selected indices (CSCX) and All Share Price Index (CASPI) have declined by 103.5 points and 174.5 points respectively.