Stocks back to the red amid low turnover

Stocks returned to the red on Wednesday, snapping a two-day gaining streak, as risk-averse investors went on selling binge on sector-wise issues.

DSEX, the key index of the Dhaka Stock Exchange, went down by 9.0 points or 0.22 per cent to settle at 4,076.

Two other indices also edged lower. The DS30 index saw a fractional loss of 0.18 point to finish at 1,371 and the DSE Shariah Index shed 2.93 points to close at 945.

Market analysts said investors remained worried about the ongoing Covid-19 pandemic and its impact on the country’s economy.

The market has been struggling with a poor participation of investors for long due to the regulator- enforced floor price mechanism and no signs of improving the ongoing Covid-19 situation, they said.

The daily turnover is hovering around Tk 2.50 billion in the past few days as some of the investors refrained themselves from taking fresh positions due to the worsening virus situation, said a leading broker.

Turnover, another important indicator of the market, however, remained low and amounted to Tk 2.47 billion on the country’s prime bourse, which was Tk 2.52 billion in the previous session.

Most of the shares remained stuck at the trading. Of the issues traded, 180 remained unchanged while 64 issues advanced and 96 declined on the DSE floor.

A total number of 65,829 trades were executed in the day’s trading session with a trading volume of 85.38 million shares and mutual fund units.

The market-cap on the premier bourse also fell to Tk 3,168 billion on Wednesday, from Tk 3,171 billion in the previous session.

Pioneer Insurance topped the turnover chart with shares worth Tk 117 million changing hands, closely followed by Grameenphone, Nahee Aluminum, Fine Foods and Bangladesh Shipping Corporation.

Pioneer Insurance was also the day’s best performer, posting a gain of 8.33 per cent while Islami Bank was the worst loser, losing 9.85 per cent following its price adjustment after record date.

The Chittagong Stock Exchange also backed to the red with its All Shares Price Index (CASPI)—losing 14 points to close at 11,607 and the Selective Categories Index - CSCX –shedding 8.0 points to finish at 7,036.

Of the issues traded, 43 gained, 54 declined and 99 remained unchanged on the CSE.

The port city bourse traded 2.27 million shares and mutual fund units with turnover value of Tk 58 million.

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