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Stocks shaky amid steep turnover fall

Staff Correspondent
29 Aug 2023 21:10:53 | Update: 29 Aug 2023 21:10:53
Stocks shaky amid steep turnover fall

Dhaka Stocks witnessed another volatile session on Tuesday as cautious investors continued their profit-booking sale frenzy while market participation remained sluggish since most investors preferred to remain on the sidelines amid shaky confidence across the trading floor.

The DSEX, the broad index of the Dhaka Stock Exchange (DSE), declined 8.7 points to settle at 6,291 against 6,300 in the previous trading session.

Meanwhile, the premier bourse observed a significant decrease in participation as the daily turnover fell below the Tk 400 crore-mark after one week.

The daily DSE turnover stood at Tk 392 crore on Tuesday, down 27.5 per cent than the tally of Tk 540 crore in the previous session.

The food and allied sector topped the turnover chart with a contribution of 25.6 per cent of the total turnover of the Dhaka bourse, followed by miscellaneous (9.7 per cent) and pharma (8.8 per cent).

Fu Wang Food Ltd was the most traded stock with Tk 35 crore worth of its shares changing hands, followed by Emerald Oil Industries Ltd, and Intraco Refueling Station Limited.

The market managed to remain flat until mid-session, but a subsequent sale pressure continued to mount, causing the core index to dip into red territory as quick-gain focused investors opted to profit-booking as prevailing volatility and weakened market strength reduced investors’ willingness to take long-term positions in equities, said EBL Securities, a stockbroker, in its daily market review.

Most sectors displayed dismal returns, with the travel facing the highest correction of 1.5 per cent, followed by paper (1.2 per cent) and general insurance (1.1 per cent), while the food and allied posted the highest gain of 0.1 per cent, followed by mutual fund (0.1 per cent), according to EBL Securities.

As per the daily market review of Brac-epl Stock Brokerage, large-cap sectors posted mixed performance Tuesday, with the food and allied booking the highest gain of 0.15 per cent followed by fuel and power (0.01 per cent), and telecommunication (0.00 per cent), while the bank experienced the highest loss of 0.08 per cent, followed by engineering (0.07 per cent), pharmaceutical (0.05 per cent), and NBFI (0.02 per cent).

SK Trims and Industries Limited rose 6.9 per cent to become the day’s top gainer, while Shyampur Sugar Mills Ltd fell 4.3 per cent becoming the day’s worst sufferer.

Out of the issues traded, 33 advanced, 127 declined and 232 remained unchanged.

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 14.0 points and 23.2 points respectively.