Stocks greet new fiscal year with red

Dhaka stocks welcomed the new fiscal year with red on Sunday—the first session of FY23.  

The benchmark DSEX index was down 17.16 points or 0.26 per cent to settle at 6,359 after witnessing volatility.

The DS30 Index, comprising blue chips, saw a loss of 4.37 points or 0.19 per cent to finish at 2,291 and the DSE Shariah Index (DSES) dropped 2 points or 0.14 per cent to close at 1,384.

“Dhaka stocks witnessed a sharp drop in participation in the beginning session of the last week before the market took a short break for the coming Eid-ul-Azha,” said EBL Securities.

The central bank has declared a relatively contractionary monetary policy and investors have continued their cautious stance amidst ongoing macroeconomic headwinds, it said. 

Turnover has gone down by 30.2 per cent and stood at Tk 654 crore as against Tk 937 crore in the previous session.

On the sectoral front, Textile (11 per cent) issues exerted the highest turnover followed by Fuel & Power (9.6 per cent) and Miscellaneous (9.4 per cent) stocks. The sectors witnessed mixed performance on sunday out of which Paper (3.5 per cent), Services & Real Estate (1.9 per cent), and Telecommunication (1.5 per cent) generated positive returns while Tannery (-1.4 per cent), Ceramic (-1 per cent) and Bank (-0.8 per cent) exerted the most negative returns on the bourse today.

Out of the 386 issues traded, 120 advanced, 219 declined, and 55 remained unchanged. The Chittagong Stock Exchange (CSE) also edged lower with the CSE All Share Price Index – CASPI –losing 29 points to settle at 18,698 and the Selective Categories Index – CSCX –shedding 18 points to close at 11,208.

Of the issues traded, 133 declined, 100 advanced and 41 issues remained unchanged on the CSE with a turnover value worth nearly Tk 17 crore.