Stocks slump amid lower turnover

ICB Golden Jubilee MF makes dismal debut

| Updated: September 21, 2022 19:05:05

Stocks slump amid lower turnover

The stock market fell on Wednesday as jittery investors sell-off major sector stocks to realise profits on selective stocks.

A new closed-end Mutual Fund, “ICB AMCL CMSF Golden Jubilee Mutual Fund” made a dismal debut on Wednesday.

Its unit price gained only 1.0 per cent to close at Tk 10.10, from the issue price of Tk 10.

DSEX, the prime index of the Dhaka Stock Exchange (DSE), slid 45.21 points or 0.68 per cent to settle at 6,551, after losing slightly in the previous day.

Two other indices also ended lower. The DS30 index, comprising blue chips, plunged 26.93 points to finish at 2,375 and the DSE Shariah Index (DSES) shed 12 points to close at 1,436.

Turnover, a crucial indicator of the market, also dropped to Tk 18.08 billion on the premier bourse, which was 36 per cent lower than the previous day’s one-year high transaction of Tk 28.28 billion.

Three most-traded companies grabbed 32 per cent of the day’s total turnover with Orion Pharma featuring Tk 2.57 billion turnovers, followed by Beximco (Tk 2.30 billion), and Bangladesh Shipping Corporation (Tk 1.02 billion).

Market insiders market witnessed volatility as investors favoured booking profits on large-cap stocks on the recent price surge.

The risk-averse investors realized some profits on selective stocks as the DSE key index crossed 6,600-mark after four months on Monday, said a merchant banker.

Some investors were also busy reshuffling their portfolio ahead of dividend declarations by June-closing companies, he said.

Losers took a strong lead over the gainers, as out of 371 issues traded, 159 closed lower, 58 higher and 154 others remained unchanged on the DSE trading floor.

The Chittagong Stock Exchange (CSE) also fell sharply with the CSE All Share Price Index (CASPI) losing 131 points to settle at 19,319 and its Selective Categories Index (CSCX) shedding 79 points to close at 11,581.

Of the issues traded, 106 declined, 44 advanced and 118 issues remained unchanged.

The port-city bourse 48.41 million shares and mutual fund units with a turnover value of Tk 1.26 billion.

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