Turnover increased by 27 per cent over the last session as the investors took some positions on low price levels
Dhaka Stock Exchange (DSE), the country's prime bourse, slumped to its fifth consecutive session on Tuesday while the broad index-DSEX decreased by 67.49 points, or 1.25 per cent amid choppy trading.
Turnover increased by 27 per cent over the last session as the investors took some positions on low price levels. The miscellaneous sector dominated the turnover chart, covering 33.2 per cent of total turnover.
Meanwhile, eGeneration, the first software technology company to get listed, made a flying trading debut on Tuesday as its share price jumped 50 per cent - the highest allowable limit on debut day over its offer price of Tk 10, despite its net profits tumbling 24.9 per cent between July and December last year.
The DSEX lost more than 226 points in the past five consecutive sessions to settle at 5,317.72 points.
Market insiders said that following the previous session’s major decline, the market opened on a positive note but could not sustain due to the panic selloffs in the major sectors. The shaky investors sustained their heavy sell offs on pharma, engineering, food, financial institutions and bank sectors.
EBL Securities, in its daily market commentary, said that the equity market of the country impeded under selling pressure as investors’ appetite remained subdued amid a bearish sentiment toward the bourse.
The confidence crisis is primarily driven by lower turnover and major corrections observed by hyped-up issues namely Beximco Limited, Beximco Pharma, BAT Bangladesh and LankaBangla Finance, it said.
As a result, most of the investors favoured to liquidate portfolios and decided to sit on cash in absence of any major trigger in the market, EBL Securities also said.
Of the 339 issues traded, 156 declined, 66 advanced and 117 remained unchanged on the Dhaka bourse.
Among major sectors, telecom, fuel and power sectors closed positive while miscellaneous, pharmaceuticals and engineering sectors faced correction, UCB Stock Brokerage said in its daily market commentary.
Beximco continued to dominate the turnover chart with shares worth over Tk 1.84 billion changing hands followed by BATB Bangladesh, Beximco Pharma, LankaBangla Finance and Robi.
GBB Power was the day’s best performer, posting a gain of 5.53 per cent while NCC Bank Mutual Find-1 was the worst loser, losing 10 per cent following its price adjustment after record date.
The port city bourse, the Chittagong Stock Exchange lost 181.42 points in its broad based index-CASPI.