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Stock investors went for massive selloff on Wednesday, as the recent market rally created an outstanding profit booking opportunity for them, pulling the core index slightly down.
But, due to the increased investor participation, the turnover of the Dhaka Stock Exchange (DSE), the prime bourse, jumped to Tk 1,109 crore, the highest since November 8, last year.
Many investors especially foreigners, according to stockbrokers and analysts, were now pouring big funds into fresh equities following the recent vibrancy in the market, helping the market register a record jump in its daily turnover value.
Meanwhile, the number of trades also shot up at the capital bourse, with around 2.3 lakh trades being executed yesterday, against 1.9 lakh recorded in the previous session.
The DSEX, the broad index of the DSE, edged down by 0.3 points to settle at 6,305 yesterday against 6,306 in the previous trading session.
The capital bourse’s prime index hit a 27-week high, and surpassed the 6,300 points-mark on Tuesday, helping the majority of stocks gain values.
The rallying market prompted cautious investors securing short-term gains, as an overwhelming selloff pressure was seen on the trading board in the late of the yesterday’s trading session, analysts say.
The market opened higher, and the upward momentum persisted until the mid-session as optimistic investors continued their chase for lucrative sector-specific issues in anticipation of quick gains, said EBL Securities, a stockbroker, in its daily market review.
The morning optimism, however, failed to sustain due to a subsequent heavy sell pressure across the bourse that wiped out the early gains in the market, it added.
Surpassing the Tk 1,000 crore mark, the Dhaka bourse’s turnover reached Tk 1,109 crore yesterday, which was 20.6 per cent higher than the turnover tally of Tk 920 crore in the previous session.
The life insurance sector topped the turnover chart with a contribution of 12.3 per cent of the total turnover of the DSE, followed by food and allied (11.5 per cent) and general insurance (11.4 per cent).
Navana Pharmaceuticals Limited was the most traded stock, with Tk 37 crore worth of its shares changing hands, followed by Intraco Refueling Station Limited, and Bangladesh Shipping Corporation.
Most of the sectors displayed mixed returns, with the travel witnessing the highest gain of 1.5 per cent, followed by life insurance (1.4 per cent) and IT (0.8 per cent).
On the other hand, the cement sector faced the highest correction of 0.9 per cent, followed by ceramic (0.3 per cent), and tannery (0.1 per cent).
Pragati Life Insurance Ltd topped the gainer’s chart of the prime bourse with a return of 9.9 per cent, while Premier Bank Ltd suffered the most with a loss of 9.9 per cent.
Out of the securities traded, 76 stocks advanced, 98 issues fell, and 218 scrips did not see any movement on the DSE trading floor.
The port city bourse, CSE, also settled on green terrain, with its two major indices – the selected indices (CSCX), and the all-share price index (CASPI) – advanced by 5.3 points and 13.9 points respectively.
