Stocks begin week in negative note...

Dhaka, Thursday   03 December 2020

Stocks begin week in negative note

 BSS Report

 Published: 07:42 PM, 25 October 2020  

Representational Photo

Representational Photo

Country’s both the bourses, Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) started the week in negative note amid mixed performance of large cap companies.

DSE remained in red amid choppy trading as risk-averse investors preferred to book some quick gain following the recent price upsurge.

The market started with optimism, but morning cheerfulness reversed within the first hour of the session as the shaky investors opted to liquidate their investment especially from engineering, general insurance, textile, food, pharma, and fuel and power sectors.

The optimistic investors, however, tried to upturn the index but active presence of the wobbly investors pushed down the DSEX.

The broad index, DSEX settled at 4892.01 points on Sunday, the first working day of the week, with a loss of 22.02 points or 0.44 percent.

Besides two selective indices, Blue Chip index, DSE30 and Shariah index, DSES also declined by 9.52 points and 4.70 points to settle at 1682.91 points and 1109.46 points respectively.

On the DSE trading floor, a total number of 184,710 million trades were executed in today’s trading session with a trading volume of 316.39 million securities.

The turnover, a crucial indicator of the market, plunged by 14 over last session as some of the investors remained in the sideline to observe the market movement.

DSE’s turnover stood at Taka 8.85 billion from Taka 10.29 billion in the previous session.

Losers took lead over gainers as out of 357 issues traded, 111 securities gained price while 186 declined and 60 remained unchanged.

The market-cap of DSE decreased to Taka 3,933 billion from Taka 3,965 billion of the previous session.

The general insurance sector dominated the turnover board with 40 percent of total turnover while the investors’ involvement was mostly focused on small cap companies, according to a market analyst, International Leasing Securities Limited (ILSL).

It said major sectors witnessed correction today. Among the major sectors – engineering (-5.3%), general insurance (-1.7%), and textile (-1.7%) sectors witnessed price correction while mutual fund (2.2%), life insurance (0.9%) and telecom (0.5%) sectors achieved price appreciation.

The investors’ activity was mostly centered on general insurance (40.1%), engineering (9.1%) and pharma (7.1%) sectors while Sandhani Insurance (3.3%), Beximco Pharma (2.8%) and SS Steel (2.6%) led the scrip wise turnover board, added ILSL.

Sandhani Insurance topped the turnover chart followed by Beximco Pharma, SS Steel, Global Insurance, PTL, Beximco Limited, City General Insurance, Pioneer Insurance, Sonarbangla Insurance and Express Insurance.

The top 10 gainers were BBS, Prime Insurance, Bay Leasing, Global Insurance, City General Insurance, BD Thai, SS Steel, Reliance-1, Midas Finance and NHFIL.

The top ten losers were Malek Spinning, Walton Hi-Tech, Continental Insurance, Familytex, Sonarbangla Insurance, Generation Next, Tallu Spinning, Savar Refractories, Jute Spinners and Osmania Glass.

On the other hand, port city bourse, Chittagong Stock Exchange (CSE) also began the week in red, maintaining the bearish streak of previous five sessions.

Selective categories index, CSCX and all shares price index, CASPI decreased by 48.53 points and 87.32 points to stand at 8384.42 points and 13942.36 points respectively.

At CSE, a total of 11,455,517 share and mutual funds of 267 companies were traded, of which 84 issues advanced while 141 declined and 42 issues remained unchanged.