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Stocks keep losing amid confidence crisis

FE Online Report | Published: October 17, 2019 16:49:30 | Updated: October 20, 2019 17:46:20


Stocks witnessed yet another bearish session on Thursday, as worried investors continued their selling binge on major sectors’ shares.

DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 10.63 points or 0.22 per cent to settle at 4770.

Market analysts said both institutional and retail investors are not confident enough to inject fresh funds into stocks amid a gloomy market outlook, taking the market in the red zone further.

Meanwhile, a group of investors staged demonstration in front of the DSE building to protest against the continuous fall in share prices.

They chanted slogan and demanded immediate resignation of Prof M Khairul Hossain, the chief of the capital market watchdog.

The aggrieved investors, under the banner of ‘Bangladesh Pujibazar Biniogkari Oikya Parishad’, demonstrated in front of the DSE building.

The protesters also demanded resignation of some top officials of securities regulators for their failure to bring back normalcy in the market despite the government took a series of market supportive measures.

Two other indices also closed lower. The DS30 index, comprising blue chips, lost 6.44 points to finish at 1,679 and the DSE Shariah Index also shed 5.71 points to close at 1,094.

Turnover, another important indicator of the market, stood at Tk 3.13 billion, which was 3.40 per cent lower than the previous day’s turnover of Tk 3.24 billion.

The losers took a modest lead over the gainers as out of 350 issues traded, 162 closed lower, 145 ended higher and 43 issues remained unchanged on the DSE trading floor.

National Tubes topped the turnover chart with 989,991 shares worth Tk 181 million changing hands.

The other turnover leaders were Monno Jute Stafflers, Square Pharma, Sonar Bangla Insurance and Bangladesh Shipping Corporation.

A total number of 100,510 trades were executed in the day’s trading session with trading volume of 100.55 million securities.

The market capitalisation of the DSE also fell to Tk 3,590 billion on Thursday, from Tk 3,608 billion in the previous session.

Golden Harvest Agro Industries was the day’s best performer, posting a gain of 9.83 per cent while Meghna Condensed Milk was the worst loser, losing 9.49 per cent.

The port city bourse, Chittagong Stock Exchange, also ended lower with its CSE All Share Price Index – CASPI –falling 47 points to settle at 14,507 and the Selective Categories Index - CSCX –losing 28 points to finish at 8,816.

Here too, the losers beat gainers, as 134 issues closed lower, 93 ended higher and 28 remained unchanged on the CSE trading floor.

The port city bourse traded 8.54 million shares and mutual fund units worth Tk 185 million in turnover.

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