Stocks open in negative note after Eid

Tuesday, the first business day following the Eid holidays, witnessed a slight decline in stocks as investors tended to be cautious due to mounting macroeconomic concerns.

The market started off well, rising 19 points in the first 10 minutes of trading on the flagship index. However, the session continued to decline steadily, and the DSEX benchmark index ended the day over 11 points lower.

Most sectors led by insurers, telecom and IT ended lower on Dhaka Stock Exchange (DSE) on Tuesday.

At the end of the day’s trade, the benchmark DSEX index shed 11.47 points or 0.18 per cent to 6,355.

Shariah-based DSES index lost 2.26 points or 0.16 per cent to close at 1,385 point while the blue-chip index DS30 decreased by 9.62 points or 0.41 per cent to settle at 2,284 point.

Dhaka stocks closed in the red trajectory as investors resumed with bearish sentiment after Eid vacation and engaged in sell-off across the bourse, said the EBL Securities.

Investors were unnerved over concerning macro-economic cues of the country. As a result, bourses observed a considerable fall in participation, while turnover has declined by 13.8 per cent and stood at Tk 680 crore as against Tk 790 crore in the previous session.

On the sectoral front, Textile (23.4 per cent) issues exerted the highest turnover followed by NBFI (14.8 per cent) and Miscellaneous (11 per cent) stocks.

Most of the sectors displayed mixed returns, out of which Textile (2 per cent), NBFI (0.3 per cent), and Travel (0.3 per cent) generated some positive returns, while Paper (-1.6 per cent), Ceramic (-1.5 per cent) and Services (-1.2 per cent) exerted the most negative returns on the bourse Tuesday.

IPDC Finance was the most-traded stock with shares worth Tk 63 crore changing hands, followed by Beximco Tk 51 crore, Fortune Shoes Tk 35 crore, Intraco Refueling Station Tk 19 crore and Titas Gas Tk 13 crore.

Golden Son was the top gainer, posting a 9.77 per cent gain while Janata Insurance was the day’s worst loser, losing 6.59 per cent following its price adjustment after the record date. Out of the 386 issues traded, 129 advanced, 208 declined, and 49 remained unchanged.

The Chittagong Stock Exchange (CSE) also closed lower with the CSE All Share Price Index – CASPI losing 64 points to settle at 18,687 and the Selective Categories Index – CSCX shedding 40 points to close at 11,198.

The port city’s bourse traded 68 Lac shares and mutual fund units with turnover value worth Tk 19 crore.