The Financial Express

Stocks tumble after three-day gain

| Updated: November 16, 2021 10:34:05

Stocks tumble after three-day gain

The stock market returned to the falling streak on Sunday, snapping a three-day gain, amid quick profit booking on major sector shares.

The market started on a positive note and the key index rose about 30 points within the first 30 minutes of trading. But the rest of the session went steadily, eroding more than 65 points.

DSEX, the prime index of the Dhaka Stock Exchange, went down by 65.85 points or 0.94 per cent to settle at 6,930, after gaining 196 points in the past three straight sessions.

Two other indices also fell sharply with the DSE 30 Index, comprising blue chips, losing 24.97 points to finish at 2,655 and the DSE Shariah Index (DSES) dropping 12.60 points to close at 1,464.

Turnover, a crucial indicator of the market, also fell to Tk 11.11, which was 26 per cent lower than the previous day’s tally of Tk 15.06 billion.

Market analysts said the risk-averse opted for booking profit on quick gaining stocks as quarterly earnings disclosures from a number of companies during the trading hours failed to meet their expectations.

A section of investors remained on the sidelines while the recent market volatility kept them inactive, they said.

The top negative index contributors were BATBC, Beximco, Beximco Pharma, Robi, and LafargeHolcim, jointly contributing 30 points to DSEX, according to amarstock.com.

More than 73 per cent of traded issues lost their price, as out of 373 issues traded, 273 declined, 68 advanced and 32 remained unchanged on the DSE trading floor.

Beximco was the most traded stock with shares worth Tk 1.54 billion changing hands, followed by BRAC Bank (Tk 654 million), Orion Pharma (Tk 473 million), IFIC Bank (438 million), and Genex Infosys (342 million).

Sena Kalyan Insurance, which made its shares trading debut last week, was the day’s top gainer, rising 10 per cent while Premier Cement was the worst lower, losing 9.94 per cent.

The Chittagong Stock Exchange (CSE) also ended lower with the CSE All Share Price Index – CASPI –shedding 203 points to settle at 20,293 and the Selective Categories Index – CSCX, losing 122 points to close at 12,195.

Of the issues traded, 198 declined, 53 advanced and 20 remained unchanged on the CSE.

The port city’s bourse traded 8.45 million shares and mutual fund units with a turnover value of Tk 315 million.

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