Stocks keep falling

Dhaka stocks on Thursday fell for the eight consecutive sessions amid growing economic uncertainties.

The DSEX Index closed at 6,126 after losing 12.27 points or 0.19 per cent. In eight days, it lost 240 points.

The DSES Index fell 0.08 per cent to close at 1,345 point, while the blue chip comprising DS30 declined 0.23 per cent to 2,200.

“Equity indices of Dhaka stocks settled in red terrain after observing volatility, as panic-driven selling continued to dominate the market,” said EBL Securities in a note.

The market has been unable to maintain its early upward momentum because investors started dumping equities as they are taking every bounce back as an opportunity to exit the bearish market. The market outlook is still bleak as investors are worried about a number of macroeconomic problems, including the energy crisis brought on by gas shortages, inflationary pressure, currency depreciation, an increase in Covid-19 cases, it said.

The DSE turnover stood at Tk 676 crore, a significant increase of 1.65 per cent from Tk 662 crore in the previous session.

S Alam Cold Rolled Steel was the top gainer, soaring 9.90 per cent, while Asia Insurance was the worst loser, losing 2.0 per cent.

On the sectoral front, Textile (17.5 per cent ) issues exerted the highest turnover followed by Engineering (10.1per cent ) and Pharma & Chemical (8.8 per cent ) stocks.

Most of the sectors displayed dismal returns, out of which Ceramic (-1.7per cent), Travel (-1.3 per cent ), and Life Insurance (-1.2 per cent ) exerted the most negative returns while Paper (1.8 per cent ), Cement (1.0 per cent ) and Telecom (0.6 per cent ) sector exerted some positive return on the bourse Thursday.

Out of the 386 issues traded, 115 advanced, 219 declined, and 52 remained unchanged.

The Chittagong Stock Exchange (CSE) also ended marginally lower with the CSE All-Share Price Index (CASPI) losing 62 points to settle at 17,968 and the Selective Categories Index CSCX –shedding 37 points to close at 10,764.

CSE’s bourse had a turnover value worth Tk 17 crore on Thursday.