Stocks plunge, DSE turnover hits 45-day low

Infographics: TBS

The major index DSEX of the Dhaka Stock Exchange (DSE) slipped yesterday, while the daily turnover fell below Tk400 crore for the first time in the last 45-day.

On the day, the DSEX fell by 0.67% to close at 5,586, hitting a 37-day low, while the blue-chip index DS30 dropped 14 points to settle at 2,039.

The declining trend extended for two consecutive sessions, while the market cap dropped by Tk5,500 crore.

The downward trend continued for a second consecutive session, with the market capitalisation shedding Tk5,500 crore.

On 24 July, the DSE recorded the lowest turnover at Tk159 crore this year.

During the session, 105 issues advanced, while 244 declined and 48 remained unchanged.

Beximco Pharma played a key role in pulling the DSEX lower, as its share price dropped by 3.4%, shaving 3.6 points off the index. Olympic Industries, Beacon Pharma, and National Bank also contributed to the decline.

In its daily market review, EBL Securities reported that the capital market of the country extended its downbeat vibe due to depressed market sentiment resulting from the prolonged volatility triggered by the abrupt regulatory measures and policy changes, leaving investors in a state of persistent uncertainty.

Despite the market somewhat managing to remain afloat till mid-session, mounting sell pressure from jittery investors drove the indices deeper into negative territory, with the majority of scrips exerting corrections, the EBL Securities review added.

Sector-wise, bank stocks accounted for the highest turnover at 25.2%, followed by pharmaceuticals at 16.1% and telecom at 6.9%. 

Islami Bank was the top traded company by value, with Tk18.30 crore, followed by Grameenphone at Tk17.48 crore, IBN Sina Pharma at Tk17 crore, and SIBL at Tk14.41 crore.

Most of the sectors displayed dismal returns, out of which ceramic, services and paper exerted the most negative returns on the bourse, while life insurance, IT and mutual fund exhibited slight gains.

Rupali Life Insurance topped the gainers' list with a 9.91% share price increase, followed by Aftab Auto, Desco, Grameen One Scheme Two Mutual Fund and ADN Telecom.

Meanwhile, Phoenix Finance topped the losers' list, plunging 14.92% after its board of directors announced no dividend for shareholders for 2023. The company's net loss quadrupled compared to the previous year, with a loss per share of Tk 42.52 at year-end. 
Similarly, Midas Finance ranked second among the biggest losers, with its share price falling 10.98% following a no-dividend declaration for the last year.
The other losers are Acme Pesticide, Fu Wang Food and Emerald Oil.