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Dhaka stocks dipped further on Monday as sell-offs continued across the bourse since investors opted to save their funds from the ailing market, causing the core index to fall below the 6,200-mark after three months.
The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), slumped 24.25 points or 0.39 per cent to settle at 6,190.
Among other indices, the DSES, the Shariah-based index, dropped 5.86 points or 0.43 per cent to finish 1,342, and the DS30, the blue-chip index, fell 2.99 points or 0.13 per cent to close at 2,177.
Meanwhile, the Dhaka bourse observed a significant decrease in participation, while the turnover declined by 16.8 per cent to Tk 352 crore against Tk 423 crore in the previous trading session.
Investors chose to remain sidelines as their willingness to take long-term positions in equities remained elusive due to dismal corporate earnings declarations from a majority of listed companies, said EBL Securities, a stockbroker, in its daily market review.
Moreover, most of the scrips being stuck at their floor prices were further squeezing the liquidation opportunities for the investors, making them reluctant to inject fresh funds into stocks, it added.
Furthermore, the around 20 per cent hike in the bulk electricity price also intensified investors’ concerns as they were anticipating a sluggish economic output as well as a bleak outlook for the capital market, EBL Securities commented.
On the sectoral front, the IT sector topped the turnover chart with a contribution of 23.3 per cent to the total turnover, followed by pharma & chemicals (20.7 per cent) and life insurance (10.3 per cent) sectors.
Most of the sectors displayed dismal returns at the country’s premier bourse.
Of them, the paper sector suffered the most with a loss of 6.8 per cent, followed by IT (5.8 per cent) and jute (5.2 per cent).
On the other hand, the tannery sector posted the most positive return of 0.4%, followed by the textile (0.1 per cent).
Out of the 390 issues traded, only 14 stocks advanced, 71 issues declined, and 305 scrips did not see any price movement on the DSE trading floor.
The port city bourse, Chittagong Stock Exchange (CSE), also closed lower with its two major indices – the selected indices (CSCX), and the all share price index (CASPI) – declining by 37.8 points and 61.5 points respectively.
