Stocks plunge over selling pressure
The insurance sector kept up the pace despite index downfall
Equity indices of the stock exchanges witnessed a downward trend caused by investors' selling pressure due to quick profit-booking in the early hour of the trading session on Thursday.
A brokerage firm's official said, "In the last three days Dhaka Stock Exchange's key index rose more than 250 points amid the countrywide lockdown. Thus, some investors are selling their shares to book short-term profit."
In the first hour, DSEX, the key index of the Dhaka Stock Exchange (DSE) dropped by 1.47% or 78.71 points to 5,258.
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Turnover, a major indicator of the market, on the Dhaka Stock Exchange (DSE) trading floor, fell by 24% to Tk227.90 crore till 11:00 am.
Out of the 348 issues traded during the same time frame, DSE had only 53 gainers against 245 losers, while prices of 29 scrips remained unchanged.
Earlier on 7 April, the securities regulator withdrew the floor price system from sixty-six companies as they were stuck in that threshold for a long time. Investors of these companies were mostly losers during today's early trading period.
The insurance sector, however, kept up the pace despite the index downfall.
Provati Insurance Company Limited was the highest gainer and secured the second position in the turnover chart at DSE, while Beximco Ltd was in the leading position of the chart until the report was filed.
Meanwhile, the benchmark index CASPI at the Chittagong Stock Exchange (CSE) lost 193 points to 15,241.
