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Stocks start week in nosedive


Bangladeshpost
Published : 12 Oct 2020 07:53 PM

Country’s both the bourses, Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) began the week in downbeat following profit booking sell of risk-averse investors.

DSE witnessed a nosedive in its benchmark index today as the investors’ continued to bag profits that saw price surge in the last few weeks.

The market started the day’s session with profit booking sell pressure and continued till the end without any sign of reversal.

Lack of buoyancy among the investors fueled the selling pressure in the market which contributed to the big fall in indices.

The broad index, DSEX settled at 4858.36 points on Sunday, the first working day of week, with a loss of 58.60 points or 1.19 percent.

Besides, two selective indices, Blue Chip index, DSE30 and Shariah index, DSES also went down by 21.77 points and 10.16 points to settle at 1647.59 points and 1098.63 points respectively.

On the DSE trading floor, a total number of 181,853 trades were executed in today’s trading session with a trading volume of 399.78 million securities.

DSE’s turnover, a crucial indicator of the market, has increased by 10 percent over the last session. The turnover stood at Taka 8.75 billion from Taka 7.93 billion in the previous session.

Losers took lead over gainers as out of 355 issues traded, 80 securities gained price while 239 declined and 36 remained unchanged.

The market-cap of DSE decreased to Taka 3,971 billion which was Taka 3,996 billion in the previous session.

General insurance sector dominated the turnover board with 37 percent turnover and all the stocks in top ten gainer lists were from insurance stocks, according to a market analyst, International Leasing Securities Limited (ILSL).

It said major sectors witnessed correction today. Among the major sectors – financial institutions (-3.5%), Fuel and Power (-1.4%) and bank (-1.0%) sectors witnessed price correction while mutual fund (4.5%), general insurance (2.2%) and life insurance (1.9%) sectors achieved price appreciation.

The investors’ activity was mostly centered on general insurance (36.8%), mutual fund (13.6%) and textile (8.0%) sectors while Rupali Insurance (3.1%), Republic Insurance (2.8%) and Federal Insurance (2.4%) led the scrip wise turnover board today, added ILSL.