Dhaka, Bangladesh (BBN)– Bangladesh’s stocks returned to the red on Tuesday, snapping a two-day winning spell, as risk-averse investors went on selling binge on major stocks.
Investors preferred booking profits on large-cap shares which saw their price surge in the past two sessions, taking the market in the negative territory, according to market operators.
Large-cap shares like Grameenphone, United Power, BATBC, Renata and Square Pharma fell after recent price surge, contributing 28 points fall of DSEX, said a leading broker.
Before two sessions gain, the market witnessed sharp decline, with DSE key index tumbling to 33-month low at 4,855 points on September 19.
DSEX, the benchmark index of the Dhaka Stock Exchange, lost 41.51 points or 0.83 per cent to settle at 4958, after adding more than 144 points in the past two days.
Two other indices also closed lower. The DS30 index, comprising blue chips, fell 15.86 points to finish at 1,774 and the DSE Shariah Index shed 12.85 points to close at 1,145.
Turnover, a crucial indicator of the market, also fell to BDT 4.05 billion, which was nearly 22 per cent lower than the previous day’s BDT 5.17 billion.
They also said that the several issues from mutual fund and general insurance sectors enjoyed buoyancy, but selling of shares from large-cap sectors mostly telecom, power, pharma and banking sectors contributed to market fall.
On the other hand, the Chittagong Stock Exchange, also backed to the red with its All Shares Price Index (CAPSI) — CASPI—losing 138 points to close at 15,079 and the Selective Categories Index – CSCX –shedding 83 points to finish at 9,158.
Losers beat the gainers as 153 issues closed lower, 79 ended lower and 18 remained unchanged on the CSE.
The port city bourse traded 11.67 million shares and mutual fund units worth nearly BDT 266 million in turnover.