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Stocks fall again on sale pressure

Staff Correspondent
04 May 2023 00:00:00 | Update: 03 May 2023 23:55:26
Stocks fall again on sale pressure

After a single-day rise, Dhaka stocks suffered on Wednesday, as the sale dominance pull down the key index of the prime bourse Dhaka Stock Exchange (DSE) at the end of the trading session.

The DSEX, the broad index of the DSE, inched down 1.6 points to settle at 6,269 against 6,271 in the previous session.

Turnover, another crucial market indicator, rose by 1.4 per cent to Tk 863 crore against the tally of Tk 851 crore in the previous session.

The recent uptrend prompted cautious investors to secure their short-term gains, leading to the offloading of shares that failed to break out of their poor financial performance, said EBL Securities, a stockbroker, in its daily market review.

The miscellaneous sector topped the turnover chart with a contribution of 16.0 per cent of the total turnover of the DSE, followed by food and allied (14.7 per cent) and IT (11.5 per cent).

Eastern Housing Limited was the day’s most traded stock with over Tk 56 crore worth of its shares changing hands, followed by Unique Hotel & Resorts PLC, and Olympic Industries Ltd.

Most sectors displayed negative returns, with the services facing the highest correction of 1.2 per cent, followed by IT (1.0 per cent) and travel (0.9 per cent).

On the other hand, the tannery posted the highest gain of 1.0 per cent, followed by jute (0.7 per cent) and miscellaneous (0.6 per cent).

Khan Brothers PP Woven Bag Industries Limited topped the DSE’s gainer chart with a return of 10 per cent, while Rahima Food Corporation Limited was the day’s worst sufferer with a loss of 5.2 per cent.

Out of the issues traded, 64 advanced, 67 declined and 261 remained unchanged on the DSE trading floor.

The port city bourse, CSE, however, settled on green terrain, with its two major indices – the selected indices (CSCX), and the all-share price index (CASPI) – rising by 4.8 points and 9.4 points respectively.