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Blu-chip index tumbles to 42-month low

by fstcap

The blue-chip index of the Dhaka Stock Exchange (DSE) – the country’s premier bourse – nosedived to a 42-month low today, as cautious investors opted for a wait-and-see mode amid market worries over the upcoming national budget.

The DS30 dropped 10 points to close at 1,856. Of the 30 companies traded under the index, 15 declined, 11 advanced, and four remained unchanged.

Meanwhile, despite the blue-chip index being down, the broad index DSEX witnessed a slight increase from the previous session, reaching 5,235 points.

EBL Securities said in its daily market review that the benchmark index of the Dhaka bourse managed to stay afloat as opportunistic investors opted to take positions in sector-specific issues with quick gain potential. At the same time, the continuous dismal performance of particular large-cap scrips caused the key index to close on a flat note.

It further said that the market observed see-saw trading throughout the session as investors were active on both sides of the trading fence. Buyers ended up on the slightly dominant side as some investors sought to take positions in particular scrips that had undergone significant corrections.

However, cautious investors preferred to remain watchful due to prevailing worries regarding the market momentum surrounding the national budget declaration, it added.

Meanwhile, trading activities remained sluggish, with total turnover slightly increasing by 12% to Tk390 crore compared to the previous session. On the sectoral front, pharma issues exerted the highest turnover, followed by the textile and engineering sectors.

Asiatic Laboratories led the turnover chart with a value of Tk19 crore, followed by Fareast Knitting and eGeneration.

Most of the sectors displayed mixed returns, with non-bank financial institutions exhibiting the most positive returns, while mutual funds showed the most corrections.

Aftab Auto was the top performer as its share price jumped around 10%, while Sonali Paper was the worst performer on Monday.

source: https://www.tbsnews.net/economy/stocks/blu-chip-index-tumbles-42-month-low-867806


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