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Stocks plunge amid selling binge

FE Online Report | Published: November 13, 2019 16:12:13 | Updated: November 14, 2019 12:19:08


Stocks ended lower on Wednesday, after remaining flat in the previous day, as investors mostly on selling binge on sector-wise large-cap shares.

DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 42.01 points or 0.87 per cent to settle at 4,737, after inching down by 2.28 points in the previous day.

Market analysts said the investors’ confidence got a battering, which triggered sell-off again on selective large-cap shares.

Large-cap stocks like Grameenphone, ICB, BATBC, United Power and Dutch-Bangla Bank led the market fall, said a leading broker.

The market opened on negative note and the downward trend continued until end of the session with no sign of reversal.

Two other indices also ended lower. The DS30 index, comprising blue chips, lost 17.26 points to finish at 1,647 and the DSE Shariah Index shed 6.91 points to close at 1,087.

Turnover, a crucial indicator of the market, also fell slightly to Tk 3.89 billion, which was 0.75 per cent lower than the previous day’s turnover of Tk 3.92 billion.

Losers took a strong lead over the gainers as out of 350 issues traded, 235 closed lower, 77 ended higher and 38 remained unchanged on the DSE trading floor.

A total number of 124,783 trades were executed in the day’s trading session with trading volume of 135.19 million shares and mutual fund units.

The market-cap of the DSE also fell to Tk 3,568 billion on Wednesday, from Tk 3,599 billion in the previous session.

Sonar Bangla Insurance topped the turnover chart with shares worth Tk 127 million changing hands, followed by National Tubes, Renata, Wata Chemicals and Khulna Power.

Vanguard AML BD Finance Mutual Fund One was the day’s best performer, posting a gain of 8.62 per cent while Al-Haj Textile was the worst loser, losing 9.92 per cent.

The port city’s bourse, the Chittagong Stock Exchange, also ended lower with its All Shares Price Index (CASPI)—losing 115 points to close at 14,416 and the Selective Categories Index - CSCX –falling 68 points to finish at 8760.

Here too, losers beat gainers as 174 issues closed lower, 53 ended higher and 24 remained unchanged on the CSE.

The port city bourse traded 5.75 million shares and mutual fund units worth nearly Tk 123 million in turnover.

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