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Stocks return to red after two-day climb

Staff Correspondent
24 Mar 2024 21:52:31 | Update: 24 Mar 2024 21:52:31
Stocks return to red after two-day climb

DSEX, the key index of the Dhaka Stock Exchange (DSE), failed to hold onto the revival spirit as investors returned to their selling mode after a two-day break owing to the wavering confidence across the trading floor.

The key index DSEX lost 40.55 points and closed at 5,901.12 on Sunday. The blue-chip index DS30 and the Shariah-based index DSES closed at 2,051.05 and 1,285.03 points, respectively.

Meanwhile, market turnover slightly decreased by 4.9 per cent to Tk 580 crore compared to Tk 610 crore recorded in the previous session.

The market had extended its uptrend in the first hour of the session. But subsequent choppy trading caused the core index to tumble and close in the red territory again, after a short-lived uptrend in the previous two sessions, EBL Securities stated in its daily market review.

This persistent volatility in the market has prompted cautious investors to partially liquidate their holdings and remain on the sidelines until there is any clear indication regarding the market momentum, the review added.

According to the daily market update by BRAC EPL Stock Brokerage, all the large-cap sectors posted negative performance on the day. NBFI experienced the highest loss of 1.57 per cent. Block trades contributed 1.6 per cent of the overall market turnover.

Stock recovery signs failed to sustain as prolonged bearish trend frustrated general investors, a leading broker said.

Out of the 396 issues traded, 62 advanced, 301 declined and 33 remained unchanged at the Dhaka bourse.

Among the sectors, jute and life insurance closed in positive territory, while services and real estate, IT and textile slipped, according to the UCB Stock Brokerage market update.

The price fall of Robi Axiata, Walton, Beacon Pharma, Best Holdings, AB bank and Brac Bank dragged the market index down.

The newly listed Asiatic Laboratories became the most traded shares, with shares worth Tk 330 million changing hands, followed by Best Holdings, Fu-Wang Ceramic, Golden Son and Central Pharma.

Asiatic Laboratories was also the day’s top gainer, posting a 9.96 per cent rise while AB Bank was the worst loser, shedding 7.92 per cent.

The port city bourse, the Chittagong Stock Exchange (CSE), also settled on red terrain. The selected indices (CSCX) and All Share Price Index (CASPI) fell by 37.8 and 64.9 points, respectively.