Stocks inch down amid low turnover

Stocks posted marginal losses on Thursday as doubts over economic recovery amid an increasing number of Covid-19 cases discouraged investors from actively participating in the market.

DSEX, the prime index of the Dhaka Stock Exchange (DSE), slipped a point, or 0.03 percent, to close the day at 3,961.

The Shariah-based DSES index also inched down 0.2 points, or 0.02 percent, to settle at 918.6, while the blue-chip index DS30 went down 0.3 points, or 0.02 percent, to stand at 1,325.4.

Caspi, the benchmark index of the Chattogram Stock Exchange, also dropped 5 points, or 0.05 percent, to close at 11,254.

The market started the trading session with a downward trend in the intraday performance graph. It then picked up growth during the mid-session and continued this upward momentum till the end of the session.

According to the Daily Market Review of EBL Securities Ltd, participation of retail investors remained low because the pandemic situation is worsening day by day, while the proposed national budget is indifferent to the market woes.

The proposed budget has allowed investment of undisclosed money in the stock market on condition that the investments would be put on a three-year lock-in, while keeping other sectors free from requirement.

General and life insurance sectors both exhibited the highest price appreciation of 0.1 percent in the sector return board. On the other hand, banking stocks posted the highest price correction of 0.2 percent.

Among the other large-cap sectors, pharmaceuticals, telecom, textiles, and cement remained flat.

Turnover at the DSE decreased by 22 percent to Tk69.7 crore on Thursday from Tk88.9 crore in the previous session. Turnover at the port city bourse also decreased by 79 percent from Tk6.6 crore to Tk1.4 crore.

The pharmaceuticals sector once again contributed the most, at 63.7 percent, to the total turnover value. It was followed by banking stocks at 14.8 percent and miscellaneous stocks at 10.6 percent on the sector-wise turnover distribution board.

Beximco Pharmaceuticals Ltd topped the turnover chart with a turnover value of Tk6.5 crore, closing the day at Tk63.2 per share. The stock was followed by Linde Bangladesh Ltd with a turnover value of Tk4.8 crore, closing the day at Tk1,315.8 per share.

Eastern Lubricants Ltd was the best performer on the gainers' table, gaining 4.2 percent and closing at Tk890.9 per share.

Shyampur Sugar Mills Ltd was the worst loser, shedding 6.6 percent and closing at Tk24 per share.

Of the 229 issues traded on Thursday, 14 advanced, 18 declined and 197 remained unchanged on the DSE trading floor.