Decline in stocks continue

Stocks slumped further on Monday as the risk-averse investors opted for booking profit on stocks which failed to meet investors’ expectations in quarterly earnings declarations.

The market opened on a positive note and the key index rose about 16 points soon after the market opened. But, the rest of the session went down steadily amid profit booking tendency among investors.

DSEX, the prime index of the Dhaka Stock Exchange (DSE), slid 65.26 points or 0.93 per cent to settle at 6,926, the lowest in three weeks since January 4, when the DSEX was 6,892.

Market analysts said the risk-averse investors continued to opt for booking profit on sector-specific stocks which failed to meet the investors’ expectations in the quarterly earnings declarations.

Even the companies that showed extraordinary growth in its latest earnings could not perform well in the market amid growing tension over rising virus cases, they said.

Two other indices also closed lower. The DS30 index, comprising blue chips, fell 26 points to finish at 2,559 and the DSE Shariah Index shed 9.27 points to close at 1,481.

Turnover, the most important indicator of the market, stood at Tk 12.15 billion, which was 9.0 per cent lower than the previous day’s tally of Tk 13.33 billion.

Of the 380 issues traded, 264 declined, 72 advanced and 44 issues remained unchanged on the DSE.

A total number of 272,471 trades were executed in the day’s trading session with a trading volume of 305.17 million securities.

The market capitalisation of the DSE dropped to Tk 5,569 billion on Monday, down from Tk 5,605 billion in the previous session.

Newly listed Union Bank, which lost 0.75 per cent, was the most traded stock with shares worth Tk 903 million changing hands, closely followed by Beximco (Tk 651 million), Bangladesh Shipping Corporation (Tk 502 million), National Polymer (Tk 410 million) and Queen South Textile Mills (Tk 384 million).

BD Thai Food & Beverage was the day’s top gainer, posting a 10 per cent rise while National Feed Mills was the worst loser, losing 8.78 per cent.

The Chittagong Stock Exchange (CSE) also nosedived with the CSE All Share Price Index – CASPI –losing 190 points to settle at 20,298 and the Selective Categories Index – CSCX—shedding 114 points to close at 12,194.

Of the issues traded, 228 declined, 54 advanced and 23 issues remained unchanged on the CSE.

The port-city bourse traded 24.38 million shares and mutual fund units with a turnover value of Tk 522 million.