The blue-chip index of the Dhaka Stock Exchange (DSE), the country’s premier bourse, plummeted to its lowest level in 42 months today, as cautious investors adopted a wait-and-see approach amidst concerns over the upcoming national budget. The DS30 index dropped by 10 points to close at 1,856, with 15 of the 30 companies traded under the index witnessing declines, 11 advancing, and four remaining unchanged.
Despite the decline in the blue-chip index, the broader DSEX index saw a slight uptick from the previous session, reaching 5,235 points. EBL Securities noted in its daily market review that opportunistic investors capitalized on sector-specific issues with quick gain potential, contributing to the stability of the benchmark index. However, the continuous poor performance of certain large-cap stocks resulted in the key index closing on a flat note.
Market observers noted see-saw trading throughout the session as investors remained active on both sides of the trading fence. While buyers held a slightly dominant position, some investors opted to take positions in specific stocks that had undergone significant corrections. However, cautious sentiment prevailed among investors due to prevailing concerns about the market’s momentum surrounding the upcoming national budget declaration.
Trading activities remained subdued, with total turnover increasing by 12% to Tk390 crore compared to the previous session. The pharmaceutical sector led in turnover, followed by textiles and engineering. Asiatic Laboratories topped the turnover chart with Tk19 crore, followed by Fareast Knitting and eGeneration. Sectoral returns were mixed, with non-bank financial institutions showing the most positive returns while mutual funds experienced corrections.
Aftab Auto emerged as the top performer with a share price increase of around 10%, while Sonali Paper faced significant declines, reflecting the volatility and uncertainty prevailing in the market amidst budgetary concerns.
For more updates, follow Markedium.
Leave a comment