Dhaka stocks drop

Representational image.

Dhaka stocks declined on Sunday as investors remained cautious and lacked the confidence to make new investments in the market, market operators said.

They said that investors’ engagement on the trading floor was sluggish amid economic woes and political tensions in the country.

DSEX, the key index of the Dhaka Stock Exchange, dropped by 9.43 points, or 0.14 per cent, and settled at 6,287.81 points on Sunday after gaining 0.25 points in the previous trading session.

The turnover on the DSE slightly increased to Tk 425.51 crore on Sunday compared with that of Tk 380.66 crore on August 10.

Out of the 335 issues traded on Sunday, 75 advanced, 89 declined and 171 remained unchanged.

As the national election is approaching, the political arena is witnessing a surge in political activities.

Market operators said that the heightened political activities raised concerns among investors regarding the market trend.

Besides, the country’s economy has been struggling in recent months with various challenges, including high inflation, dollar crisis and energy crisis, which has kept the market muted, they said.

EBL Securities in its daily market commentary said, ‘The downbeat vibe on the capital market persisted as risk-averse investors continued to reduce their exposure to capital market investments due to dwindling investor confidence and concerns regarding the market outlook.’

Despite the market being afloat until mid-session, the subsequent dominant selling pressure from cautious investors wiped out all the early gains and led the market to dip into negative territory again, it added.

On the sectoral front, food issues exerted the highest turnover, followed by general insurance and pharmaceutical stocks.

The DSE Shariah index lost 3.95 points, or 0.28 per cent, to close at 1,364.09 points on Sunday.

The DS30 index shed 4.32 points, or 0.20 per cent, to finish at 2,138.61 points on the day.

Continental Insurance Ltd, Asia Pacific General Insurance Co Ltd, Aramit Limited, Ambee Pharmaceuticals PLC, Desh General Insurance Company Limited, Crystal Insurance Company Limited, Green Delta Insurance Ltd, Nitol Insurance Co Ltd, Sonali Paper & Board Mills Ltd and Dhaka Insurance Limited were the top 10 gainers considering their closing prices on the day.

Fu Wang Food Ltd, Deshbandhu Polymer Limited, Khan Brothers PP Woven Bag Industries Limited, Yeakin Polymer Limited, Olympic Accessories Limited, Khulna Printing & Packaging Limited, Western Marine Shipyard Limited, Metro Spinning Ltd, Far Chemical Industries Limited and Beach Hatchery Ltd were the top 10 losers considering their closing prices on the day.

Fu Wang Food Ltd topped the turnover chart with its shares worth Tk 21.08 crore changing hands on the day.

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