Stocks return to falling trend
The investors’ anticipation of further economic contraction and reduced earnings of the listed stocks has fuelled the index's downturn
Stocks posted heavy losses yesterday as investors stood cautious on economic outlook amid the coronavirus crisis.
DSEX, the prime index of the Dhaka Stock Exchange, shed 61 points, or 1.5 percent, to close the day at 3,999.5.
The Shariah-based DSES index also plunged 22 points, or 2.3 percent, to settle at 929.9, while the blue-chip index DS30 dropped 18 points, or 1.3 percent, to stand at 1,347.2.
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At the Chittagong Stock Exchange, the benchmark index Caspi declined 128 points, or 1.1 percent, to close at 11,341.1.
The investors' anticipation of further economic contraction and reduced earnings of the listed stocks has fuelled the index's downturn, stated the Daily Market Review of EBL Securities Ltd.
Due to floor price, many investors have failed to sell stocks which has kept the turnover relatively low, the review added.
Investors were, however, seen leaning towards pharmaceutical stocks that have generated 68.2 percent of the total turnover of the session.
The review further added that the investors are expecting positive financial impact of Covid-19 on pharmaceutical companies in the coming quarters.
Sector-wise returns were mixed, with a few sectors witnessing significant losses. Life insurance stocks went down by 4.6 percent, telecommunication stocks fell by 4.5 percent while pharma stocks declined by 3 percent.
Turnover at the DSE increased 38 percent to Tk197.8 crore yesterday, from Tk143.3 crore in the previous session. On the other hand, turnover at the port city bourse jumped 1,517 percent from Tk3.4 crore to Tk55 crore.
The fuel & power stocks contributed 7.7 percent to the total turnover, while banking and telecom contributed 6.5 percent each, according to the report of EBL Securities Ltd.
Square Pharmaceuticals Ltd topped the turnover chart with a turnover value of Tk26.4 crore, closing the day at Tk175.7 per share. The stock was followed by Beximco Pharmaceuticals Ltd with a turnover value of Tk16.8 crore, closing at Tk70.3 per share.
Out of the 327 issues traded, 27 issues advanced, 70 declined, and 230 remained unchanged on the DSE trading floor.
Phoenix Finance and Investments Ltd was the best gainer considering the closing price in the gainers' table after inching up 9.2 percent and closing at Tk25 per share, said the DSE website.
ICB Islamic Bank Ltd turned out to be the worst loser with its closing price falling by 9.7 percent during the session to close at Tk2.8 per share.
