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Stocks keep falling as sale spree continues

Staff Correspondent
25 Jul 2023 20:27:31 | Update: 26 Jul 2023 01:58:25
Stocks keep falling as sale spree continues

Dhaka stocks remained in the negative territory for the fourth straight session on Tuesday as cautious investors continued their profit-booking spree amidst the prevailing volatility in the market.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), declined 6.9 points to settle at 6,331 against 6,338 in the previous trading session.

Turnover, another crucial market indicator, rose by 4.3 per cent to Tk 660 crore against the tally of Tk 633 crore in the previous session.

Block trades accounted for Tk 30 crore or 4.6 per cent of the overall market turnover.

The general insurance topped the turnover chart with a contribution of 25.7 per cent of the total turnover of the Dhaka bourse, followed by food (14.8 per cent) and life insurance (7.2 per cent).

Sea Pearl Beach Resort & Spa Limited was the most traded stock with Tk 30 crore worth of its shares changing hands, followed by Fu Wang Food Ltd, and Rangpur Dairy & Food Products Ltd.

The insurance sector remained in investors’ choice, with four general and life insurers securing positions among the Dhaka bourse’s top 10 gainers’ list yesterday.

Despite the market opened higher riding on the price appreciation of particular sector-specific issues, the subsequent sell dominance eroded most of the early gains and led the prime index to dip into negative territory again, said EBL Securities, a stockbroker, in its daily market review.

Most sectors displayed mixed returns, with the IT facing the highest correction of 1.1 per cent, followed by general insurance (1.0 per cent) and cement (0.8 per cent), while the jute displayed the highest gain of 2.2 per cent, followed by tannery (0.8 per cent) and travel (0.3 per cent), according to EBL Securities.

As per the daily market review of Brac-epl Stock Brokerage, most large-cap sectors posted negative performance Tuesday with the food and allied experiencing the highest loss of 0.27 per cent, followed by engineering (0.12 per cent), NBFI (0.04 per cent), fuel and power (0.02 per cent), and bank (0.01 per cent).

Legacy Footwear Ltd rose 9.9 per cent to become the day’s top gainer, while Rupali Life Insurance Company was the day’s worst sufferer with a loss of 9.9 per cent.

 Out of the 392 securities traded, 49 advanced, 121 declined and 222 remained unchanged.

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 6.9 points and 12.4 points respectively.