The Financial Express

Stocks witness downtrend at open

| Updated: November 01, 2020 11:57:14

Lankabangla and Fianancial Express Lankabangla and Fianancial Express
Stocks witness downtrend at open

Stocks witnessed a downward trend in the early trading on Wednesday as cautious investors continued their sell-offs on major sectors amid ongoing earnings and dividend declaration sessions.

Following the previous day’s downward trend, the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) opened lower today.

Within the first 30 minutes of trading, the DSE key index fell more than 23 points while the CSE All Share Price Index (CASPI) lost 24 points when the report was filed at 10:30am.

DSEX, the benchmark index of the DSE went down by 23.67 points or 0.48 per cent to reach 4,844 points at that time.

Two other indices also saw a downward trend till then. The DS30 index, comprising blue chips, lost 13.20 points to reach at 1,662 and the Shariah Index (DSES) fell 9.65 points to reach 1,093 points till then.

Market analysts said lower than expected earnings and dividend declarations from most of the companies prompted investors for selling shares.

Turnover, another important indicator of the market, stood at Tk 2.22 billion when the report was filed at 10:30am.

Of the issues were being traded, 108 advanced, 157 declined and 61 remained unchanged till filing of this report.

The insurance sector continued to dominate the turnover chart where Eastland Insurance was the most traded stocks till then with shares worth Tk 150 million changing hands, closely followed by Global Insurance, Rupali Insurance, Peoples Leasing and Standard Insurance.

The Chittagong Stock Exchange also saw a negative trend till then with the CASPI losing 24 points to stand at 13,876, also at 10:30am.

The Selective Categories Index (CSCX) also lost 12 points to reach 8,351 till then.

Of the issues traded till then, 42 gained, 48 declined, and 20 issues remained unchanged with Tk 31 million in turnover.

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