Dhaka stocks declined on Sunday, the first trading session of the week, as the benchmark general index of the Dhaka Stock Exchange DSEX fell below the 4,000-point mark after one-and-a-half months due to investors’ inactivity on the trading floor.
The DSEX lost 1.11 per cent, or 44.58 points, to finish at 3,968.79 points, the lowest since 3983.46 points recorded on August 14.
The blue-chip index of the bourse, DS30, closed at 1,448.78 points, shedding 1.00 per cent, or 15.52 points, on the day.
The turnover of the bourse increased to Tk 332.16 crore from the previous trading session’s Tk 303.07 crore.
‘With the loss of 44.59 points, DSEX broke 29 sessions-long psychological level of 4,000 points and subsequently went down to 3,968.79 points,’ IDLC Investments said in its daily market commentary.
Market operators said that the market had started the day on a positive note, but failed to sustain the momentum due to investors’ inactivity on the trading floor. The investors were worried about the instability in the readymade garments sector and the impasse on the political front.
A section of investors, who were behind the unusual price hike in shares prices of small capitalised companies, refrained from trading as the Bangladesh Securities and Exchange Commission had directed the bourses to investigate the unusual price hike, said the operators.
Sell-offs by the retail investors ahead of the Eid-ul-Azha probably was another reason behind the market’s declining trend, they added.
‘Frequent scrip wise swings, with 101 out of 291 traded scrips posting more than 4% change of their respective price amid back and forth volatile situations aided market sentiment to retract severely,’ IDLC said.
‘Meanwhile, mutual funds caught investors’ focus in today’s session as most of them were trading below their respective NAV. As a result, eight mutual funds appeared in the top ten gainers’ list with increased turnover,’ it also said.
Of the 291 shares and mutual funds traded on the day, 81 advanced, 195 declined and 15 remained unchanged.
Bangladesh Submarine Cable Company led the turnover chart as its shares worth Tk 25.86 crore changed hands on the day.
CMC Kamal, Argon Denims, JMI Syringes and Medical Devices, Continental Insurance, Generation Next Fashions, United Airways, Rahima Food, Tallu Spinning and Prime Finance First Mutual Fund were the day’s other turnover leaders.
Prime Finance First Mutual Fund gained the most on the day as the price of its shares increased by 9.95 per cent, while Bangladesh Submarine Cable Company lost the most, 10.22 per cent.
-With New Age input
