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Stocks’ bleeding continues

Pharma sector contributes 48.5% to the DSE turnover
Staff Correspondent
28 Dec 2022 00:04:20 | Update: 28 Dec 2022 00:04:20
Stocks’ bleeding continues

Dhaka stocks continued to bleed on Tuesday as the withdrawal of floor prices from certain scrips put further strain on the ailing market.

Though turnover of the Dhaka Stock Exchange (DSE), the country’s premier bourse, went up slightly stocks extended their falling for another trading session.

Earlier, the DSE turnover fell below Tk 200 crore-mark on Tuesday, the lowest since July 8 2020, sounding an alarming bell regarding the market situation.

Before this, the DSE logged a turnover below Tk 200 crore-mark on July 7, 2020.

The DSEX, the benchmark index of the DSE, fell 9.42 points or 0.15 per cent to settle at 6,180 yesterday against 6,190 points in the previous trading session.

Among other indices, the DSES, the Shariah-based index shed 1.77 points or 0.13 per cent to 1352, while the DS30, the blue-chip index, edged up 0.43 points or 0.02 per cent to close at 2,191.

Meanwhile, the Dhaka bourse witnessed an increase in investors’ participation with the DSE turnover rising by 35.6 per cent to Tk 269 crore against the tally of Tk 198 crore in the previous session.

The market witnessed a downward momentum throughout the session, while the last-hour buying spree on selective issues offered a marginal recovery to the core index, said EBL Securities, a stockbroker, in its daily market review.

Investors were taking a wait-and-see approach ahead of the year-end since there was yet no positive forecast about the bounce back of the market due to the macroeconomic glooms, it added.

Moreover, the 1 per cent lower circuit breaker for certain scrips curbed market liquidity options because the current prices were failing to woo bargain hunters as they did not perceive those securities as lucrative investment opportunities, EBL Securities stated.

The pharma & chemicals sector topped the turnover chart with a monumental contribution of 48.5 per cent, followed by the IT (8.8 per cent) and the paper (7.8 per cent).

Most of the sectors displayed dismal returns at the prime bourse with the IT suffering the most with a loss of 2.6 per cent, followed by services (1.0 per cent) and paper (0.8 per cent).

On the other hand, the ceramic sector posted a marginal gain of 0.2 per cent, followed by life insurance (0.1 per cent), and financial institutions (0.1 per cent).

Out of the issues traded, 17 securities advanced, 136 stocks declined, and 238 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) – advancing by 15.0 points and 24.8 points respectively.

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