Friday, June 21, 2024

DSE turnover hits lowest in 5 months

Daily turnover at Dhaka Stock Exchange (DSE) Tuesday hit its lowest in more than five months, as the investors remained cautious due to continuous price-sliding, caused by the regulators’ intervention.
Turnover dropped 15.6 per cent to Tk 6.30 billion, the lowest since September 9, and the benchmark DSE General Index (DGEN) plunged 86.03 points or 1.56 per cent to 5400.39, its five-week low since February 3.
The market beginning with negative note struggled to pull back at around the mid session, as the key index gained more than 60 points, but started to loss steadily towards the end of the session.
Analysts believed that repeated bouts of regulatory intervention during the last few months rattled the investors’ confidence, causing an alarming fall in turnover and indices.
Being frustrated, some unhappy traders vented their anger by demonstrating in front of the DSE at noon, chanting slogans against the Securities and Exchange Commission (SEC).
An expert said the market players and investors remained cautious due to sliding trend of the market, affected by the regulators’ intervention, which was not well received by them. “The continuous decline in trading volume indicates unwillingness of the investors to reenter the market.”
A stock-broker said, “Everyday the number of investors at brokerage houses is coming down gradually.”
The broader DSE All Shares Price Index (DSI) was down 65.00 points or 1.44 per cent to 4428.41, while the DSE 20 blue chip index fell 26.58 points or 0.89 per cent to 2950.15. Prices of most of the issues went down. Out of 243 issues traded, 178 closed in negative, 48 gained and 16 remained unchanged.
All sectors, except banking, suffered loss. The banking sector finished the session flat, marginally moving up by 0.13 per cent, bucking its falling trend over the last five sessions. Telecommunication experienced the highest fall among the major sectors, as Grameenphone was down by 3.88 per cent.
The pharmaceuticals lost 1.33 per cent, mutual funds 1.61 per cent, leasing 0.67 per cent, cement 0.79 per cent, energy 0.51 per cent, tannery 1.74 per cent, general insurance 1.66 per cent, and life insurance 1.13 per cent.

Courtesy of The financial Express

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