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Five large-cap issues trigger alarm on DSE

| Updated: September 12, 2019 12:16:29


Five large-cap issues trigger alarm on DSE

Stocks slipped into the red on Monday, snapping a two-day gaining streak, as cautious investors went on selling binge on major sectors' shares.

Meanwhile, trading and official activities on the bourses will remain closed today (Tuesday) on the occasion of Muharram (Ashura).

DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 24.83 points or 0.49 per cent to close at 5,008.

Market analysts said ongoing bearish trend amid lack of investors' confidence triggered the index in the negative territory.

Five large-cap stocks - United Power, BATBC, Khulna Power, BRAC Bank and National Life Insurance- led the day's slump, contributing nearly 48 points fall of index jointly.

The investors opted to take position on Grameenphone shares as they found the stock cheap after being battered severely due to continuous dispute between BTRC and GP, commented UCB Capital.

GP, the largest company in terms of market cap, gained 2.94 per cent to close at Tk 308 each on Monday.

Two other indices also ended lower. The DS30 index, comprising blue chips, fell 8.64 points to finish at 1,758 and the DSE Shariah Index lost 1.97 points to close at Tk 1,169.

Turnover, a crucial indicator of the market, went up to Tk 4.07 billion, which was 10 per cent higher than the previous day's Tk 3.71 billion.

The investors' attention was focused on pharmaceuticals sector, accounting for 23 per cent of the day's total turnover, followed by engineering with 17 per cent and textile 9.0 per cent.

A total number of 125,427 trades were executed in the day's trading session with trading volume of 95.83 million shares and mutual fund units.

The market-cap of the DSE also fell to Tk 3,747 billion on Monday, from Tk 3,759 billion in the previous session.

The power sector witnessed the highest correction of 2.25 per cent, as the sector heavyweight United Power lost 13.12 per cent, followed by non-bank financial institutions with 0.90 per cent, food 0.79 per cent, engineering 0.76 per cent and banking 0.67 per cent.

Telecommunication and pharmaceuticals sectors gained 2.74 per cent and 0.19 per cent respectively.

The port city's bourse, the Chittagong Stock Exchange, also closed lower with its All Shares Price Index (CAPSI) -- CASPI-- losing 63 points to close at 15,228 and the Selective Categories Index - CSCX - shedding 36 points to finish at 9,247.

Here too, losers beat the gainers as 185 issues closed lower, 50 higher and 21 remained unchanged on the CSE.

The port city bourse traded 5.14 million shares and mutual fund units worth nearly Tk 694 million in turnover.

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