Stocks edge down over sales pressure

Indices of the country's two main stock exchanges extended the losing streak during the first one-and-half-hour session today as the investors' selling pressure has increased on the trading floors.

Subsequently, turnover on the Dhaka Stock Exchange (DSE) trading floor dropped 4 percent to Tk123.53 crore till 12:00 pm.

During the early session, DSEX, the prime index of the DSE, went down by 8.72 points – or 0.21 percent - to reach at 4,073.

The Shariah-based DSES index lost 2.34 points to settle at 949, and the blue-chip index DS30 fell by 1.24 points to stand at 1,372.

Out of the 316 issues traded in the same time frame, 69 company's share prices advanced, 52 declined, and 195 remained unchanged.

Moreover, the benchmark index CASPI at the Chittagong Stock Exchange (CSE)has also plummeted 15.31 points to close at 11,581.

According to a brokerage firm's review, the indices experienced selling pressures due to the investors' inclination to profit booking, as they have taken up a cautious stance over the long term impact of Covid-19 on the macro-economy of the country, which has hit banks' interest rate, FDI, private savings and investments.

"The investors are buying only pharmaceutical and general insurance companies' shares," the review added.