Stocks slip on investors’ portfolio rebalancing move

The core index of the capital bourse faced a slight correction for the second session in a row on Monday as cautious investors continued their portfolio rebalancing in response to the latest earnings disclosures of the listed companies.

The DSEX, the broad index of the Dhaka Stock Exchange (DSE), the premier bourse, dropped 5.8 points to settle at 6,281 against 6,287 in the previous trading session.

Among other indices, the DS30, the blue-chip index, gained 2.53 points or 0.11 per cent to close at 2,228, and the DSES, the Shariah-based index, edged up 0.80 points or 0.05 per cent to 1,369.

Meanwhile, the prime bourse witnessed a decrease in participation, with the DSE turnover plunging by 22.8 per cent to Tk 580 crore against the tally of Tk 752 in the previous session.

The market maintained a downbeat vibe, with most securities witnessing corrections as sellers dominated the trading floor throughout the session, said EBL Securities, a stockbroker, in its daily market review.

Investors remained watchful since they were somewhat concerned regarding the probable impacts on the country’s economy of complying with the IMF’s time-bound agenda, it added.

The IT sector topped the turnover chart with a contribution of 14.8 per cent to the total turnover of the DSE, followed by the Pharma (14.2 per cent) and the miscellaneous (11.5 per cent).

Most sectors displayed dismal returns on the Dhaka bourse, with the life insurance facing the highest loss of 1.4%, followed by general insurance (1.3 per cent) and cement (1.1 per cent).

On the other hand, the jute posted the highest gain of 4.7 per cent, followed by travel (1.6 per cent) and ceramic (0.4 per cent).

Sonali Aansh Industries Limited topped the gainers’ list, with a gain of 6.8 per cent, while Oimex Electrode Limited suffered the most with a loss of 12 per cent yesterday.

Out of the 391 issues traded, 21 advanced, 152 declined, and 218 remained unchanged on the DSE trading floor.

The port city bourse, CSE, also settled on red terrain, with its two major indices – the selected indices (CSCX), and the all-share price index (CASPI) – declining by 31.1 points and 52.5 points respectively.