Stocks

Share Market extend big drop as Eid nears

MNA Business Desk: Stocks extended the losing streak for the fifth straight session on Sunday as the risk-averse investors continued their sell-offs ahead of Eid-ul-Azha.

Market operators said some retail investors sold shares to pull out money ahead of Eid festival as only nine trading days are left before Eid vacation.

The market opened on the negative trend and the downturn continued until the end as the shaky investors liquidated their holdings from most of the major sectors’ shares.

DSEX, the key index of the Dhaka Stock Exchange, went down by 18.46 points or 0.45 per cent to settle at 4,050. DSEX lost 48 points in the five straight sessions.

The market has also been struggling with a poor participation of investors for long thanks to the regulator-enforced floor price mechanism and no signs of improving the ongoing Covid-19 situation, said a merchant banker.

“Investors remained cautious and defensive amid the gradual reopening of the economy,” he said.

A leading broker said the floor price system prevented a section of investors from selling shares while the others did not get any enthusiasm for buying shares even at the lowest possible prices under the system due to the pandemic.

Two other indices also ended lower.

Of them, DS30 index, comprising blue chips, lost 12.12 points to finish at 1,356 and DSE Shariah Index shed 6.84 points to close at 938.

Turnover, another important indicator of the market, stood at Tk 2.34 billion on the country’s prime bourse, which is 3.54 per cent higher than the previous day’s turnover of Tk 2.26 billion.

Most of the shares remained stuck at the trading. Of the issues traded, 200 remained unchanged while 49 issues advanced and 78 declined on the DSE floor.

A total number of 54,107 trades were executed in the day’s session with a volume of 77.35 million shares and mutual fund units.

The market-cap on the premier bourse also fell to Tk 3,150 billion on Sunday, from Tk 3,154 billion in the previous session.

The pharmaceuticals companies dominated the market with Beximco Pharma topping the chart with shares worth Tk 124 million changing hands, closely followed by Square Pharma, Eastern Insurance, Pioneer Insurance and Nahee Aluminum.

Eastern Insurance was the day’s best performer for the second straight session, posting a gain of 9.68 per cent, while GQ Ball Pen Industries was the worst loser, losing 9.93 per cent.

The Chittagong Stock Exchange also ended lower with its All Shares Price Index – (CASPI) – losing 44 points to close at 11,514 and the Selective Categories Index – CSCX – falling 28 points to finish at 6,979.

Of the issues traded, 30 gained, 49 declined and 82 remained unchanged on the CSE.

The port city bourse traded 3.17 million shares and mutual fund units with turnover value of Tk 68 million.

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