Stocks start week in nosedive...

Dhaka, Sunday   25 October 2020

Stocks start week in nosedive

 BSS Report

 Published: 07:54 PM, 11 October 2020   Updated: 07:55 PM, 11 October 2020

Representational Photo

Representational Photo

Country’s both the bourses, Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) began the week in downbeat following profit-booking sell of risk-averse investors.

DSE witnessed a nosedive in its benchmark index today as the investors’ continued to bag profits that saw price surge in the last few weeks.

The market started the day’s session with profit booking sell pressure and continued till the end without any sign of reversal.

Lack of buoyancy among the investors fueled the selling pressure in the market which contributed to the big fall in indices.

The broad index, DSEX settled at 4858.36 points on Sunday, the first working day of week, with a loss of 58.60 points or 1.19 percent.

Besides, two selective indices, Blue Chip index, DSE30 and Shariah index, DSES also went down by 21.77 points and 10.16 points to settle at 1647.59 points and 1098.63 points respectively.

On the DSE trading floor, a total number of 181,853 trades were executed in today’s trading session with a trading volume of 399.78 million securities.

DSE’s turnover, a crucial indicator of the market, has increased by 10 percent over the last session. The turnover stood at Taka 8.75 billion from Taka 7.93 billion in the previous session.

Losers took lead over gainers as out of 355 issues traded, 80 securities gained price while 239 declined and 36 remained unchanged.

The market-cap of DSE decreased to Taka 3,971 billion which was Taka 3,996 billion in the previous session.

General insurance sector dominated the turnover board with 37 percent turnover and all the stocks in top ten gainer lists were from insurance stocks, according to a market analyst, International Leasing Securities Limited (ILSL).

It said major sectors witnessed correction today. Among the major sectors – financial institutions (-3.5%), Fuel and Power (-1.4%) and bank (-1.0%) sectors witnessed price correction while mutual fund (4.5%), general insurance (2.2%) and life insurance (1.9%) sectors achieved price appreciation.

The investors’ activity was mostly centered on general insurance (36.8%), mutual fund (13.6%) and textile (8.0%) sectors while Rupali Insurance (3.1%), Republic Insurance (2.8%) and Federal Insurance (2.4%) led the scrip wise turnover board today, added ILSL.

Rupali Insurance topped the turnover chart followed by Republic Insurance, Federal Insurance, BD Finance, Walton Hi-Tech, Purabi General Insurance, Beximco Limited, Express Insurance, Sandhani Life Insurance and FBFIF.

The top 10 gainers were Rupali Life Insurance, Bangladesh General Insurance, City General Insurance, FBFIF, Federal Insurance, First Janata Bank Mutual Fund, Rupali Insurance, Meghna Life Insurance, Reliance One Mutual Fund and Bangladesh National Insurance.

The top ten losers were BIFC, GSP Finance, Union Capital, BD Finance, Midas Finance, ISN, CNA Textile, Regent Textile, United Finance and Fareast Knitting.

On the other hand, port city bourse, Chittagong Stock Exchange (CSE) also began the week in red.

Selective categories index, CSCX and all shares price index, CASPI declined by 86.17 points and 148.91 points to stand at 8337.20 points and 13880.58 points respectively.

At CSE, a total of 11,014,327 share and mutual funds of 273 companies were traded, of which 69 issues advanced while 175 declined and 29 issues remained unchanged.