Dhaka stocks extend losing streak

[Imran Khan]

Dhaka stocks extend losing streak​

Staff Correspondent | Published: 18:32, Dec 21,2022 | Updated: 22:49, Dec 21,2022

A representational image of stock market.

Dhaka stocks dropped for the sixth session on Wednesday, as investors, unnerved by the ongoing economic woes, continued selling shares, market operators said.
DSEX, the key index of the Dhaka Stock Exchange, lost 0.44 per cent, or 27.68 points, to close at 6,198.82 points on the day as against 6,226.50 points in the previous trading session.
The market operators said that investors were suffering from poor confidence in the market.
The market opened Wednesday’s session upbeat, but failed to maintain the vibe and ended in the negative trajectory as investors went for profit booking in late trading, they said.
They said that share prices of about two-thirds of the listed companies remained stuck in their floor prices.
The Bangladesh Securities and Exchange Commission on July 28 imposed floor prices on all companies to prevent share prices of the companies from falling beyond a certain level.
The prolonged bearish sentiment on the market had kept investors engaged in continued sell-offs in the absence of any major triggers for the market to bounce back, the market operators said.
The country’s economy has been struggling in recent months with a host of issues, including inflation, dollar crisis, pressure on forex reserves, trade deficit and energy crisis, they said.
Besides, the investors’ confidence on the market dropped amid media reports on the banking sector’s irregularities, they said.
The turnover on the DSE rose by 3.5 per cent and stood at Tk 333.58 crore on the day compared with that of Tk 322.41 crore in the previous session.
EBL Securities in its daily market commentary said, ‘Dhaka stocks plummeted as investors were unnerved after the government set a 1-per cent decline to the GDP growth target for FY23, which has fuelled the prevailing concerns over the sluggish economic output of the country.’
Investors’ selling pressure was prevalent throughout the session as they chose to protect their funds from the ailing market, it said.
On the sectoral front, pharmaceuticals and chemicals issues exerted the highest turnover, followed by ceramic and engineering stocks.
Out of the 285 issues traded on Wednesday, 73 declined, nine advanced and 203 remained unchanged on the DSE.
The DS30 index also declined by 6.43 points to finish at 2,193.03 points and the DSE Shariah index declined by 8.06 points to close at 1,355.25 points on the day.
Monno Ceramic topped the turnover chart with its shares worth Tk 37.69 crore changing hands.
Orion Pharma, Sea Pearl Beach Resort and Spa, Monno Agro and General Machinery, Bashundhara Paper Mills, Intraco Refueling Station, Advent Pharma, Genex Infosys, Orion Infusion and Beximco Pharmaceuticals were the other turnover leaders on the day.

Dhaka stocks extend losing streak

Dhaka stocks dropped for the sixth session on Wednesday, as investors, unnerved by the ongoing economic woes, continued selling shares, market operators said. DSEX, the key index of the...

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[PadmaBridge]

Dhaka stocks extend losing streak​

Staff Correspondent | Published: 18:32, Dec 21,2022 | Updated: 22:49, Dec 21,2022

A representational image of stock market.

Dhaka stocks dropped for the sixth session on Wednesday, as investors, unnerved by the ongoing economic woes, continued selling shares, market operators said.
DSEX, the key index of the Dhaka Stock Exchange, lost 0.44 per cent, or 27.68 points, to close at 6,198.82 points on the day as against 6,226.50 points in the previous trading session.
The market operators said that investors were suffering from poor confidence in the market.
The market opened Wednesday’s session upbeat, but failed to maintain the vibe and ended in the negative trajectory as investors went for profit booking in late trading, they said.
They said that share prices of about two-thirds of the listed companies remained stuck in their floor prices.
The Bangladesh Securities and Exchange Commission on July 28 imposed floor prices on all companies to prevent share prices of the companies from falling beyond a certain level.
The prolonged bearish sentiment on the market had kept investors engaged in continued sell-offs in the absence of any major triggers for the market to bounce back, the market operators said.
The country’s economy has been struggling in recent months with a host of issues, including inflation, dollar crisis, pressure on forex reserves, trade deficit and energy crisis, they said.
Besides, the investors’ confidence on the market dropped amid media reports on the banking sector’s irregularities, they said.
The turnover on the DSE rose by 3.5 per cent and stood at Tk 333.58 crore on the day compared with that of Tk 322.41 crore in the previous session.
EBL Securities in its daily market commentary said, ‘Dhaka stocks plummeted as investors were unnerved after the government set a 1-per cent decline to the GDP growth target for FY23, which has fuelled the prevailing concerns over the sluggish economic output of the country.’
Investors’ selling pressure was prevalent throughout the session as they chose to protect their funds from the ailing market, it said.
On the sectoral front, pharmaceuticals and chemicals issues exerted the highest turnover, followed by ceramic and engineering stocks.
Out of the 285 issues traded on Wednesday, 73 declined, nine advanced and 203 remained unchanged on the DSE.
The DS30 index also declined by 6.43 points to finish at 2,193.03 points and the DSE Shariah index declined by 8.06 points to close at 1,355.25 points on the day.
Monno Ceramic topped the turnover chart with its shares worth Tk 37.69 crore changing hands.
Orion Pharma, Sea Pearl Beach Resort and Spa, Monno Agro and General Machinery, Bashundhara Paper Mills, Intraco Refueling Station, Advent Pharma, Genex Infosys, Orion Infusion and Beximco Pharmaceuticals were the other turnover leaders on the day.

Dhaka stocks extend losing streak

Dhaka stocks dropped for the sixth session on Wednesday, as investors, unnerved by the ongoing economic woes, continued selling shares, market operators said. DSEX, the key index of the...

www.newagebd.net