Dhaka shares drop for 2nd day

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Shares in Dhaka fell for the second day on Monday as investors continued to sell stocks for profits after the recent surge in share prices.

The DSEX, the key index of the Dhaka Stock Exchange, lost 0.9% or 58.58 points to close at 6,431.34 points on Monday after losing 18.67 points in the previous session.

Prior to the two-day loss, DSEX had gained 288 points in six sessions.

The market failed to maintain the initial positive run in Monday’s session and ended in negative territory as investors continued to take profits after the recent surge, market operators said.

They said the stock prices of many companies have been rising lately, prompting investors to take profits.

Since the imposition of the floor price system, the market had gained 527 points until September 1.

The Bangladesh Securities and Exchange Commission on July 28 imposed the restriction on all companies which prevented the companies’ share prices from falling beyond a certain level.

Prior to the surge, the market had been trending down for seven months amid various economic concerns including rising inflation, record trade deficit, energy crisis, continued decline in foreign exchange reserves and volatility. currencies.

The Bangladesh Bank continued to take initiatives, including disciplinary action against manipulators, to contain volatility in the foreign exchange market.

EBL Securities, in its daily market commentary, said stock indices on the Dhaka Stock Exchange fell as investors continued selling for the second consecutive session, forcing the majority of stocks to suffer intense corrections on all sectoral fronts.

The market saw a seesaw trading from the start of the session, which turned into a free fall in the latter part of the session due to prevailing selling pressures across the board as investors were wary of the protection of their unrealized profits from hardship. market, he said.

Of the 382 issues traded on Monday, 38 advanced, 263 declined and 68 remained unchanged on the DSE.

The turnover on the DSE fell to Tk 1,400.66 crore on Monday from that of Tk 2,296.39 crore in the previous session.

The DS30 index fell 17.78 points to end at 2,285.79 points, and the DSE Shariah index lost 0.4 points to close at 1,404.57 points.

JMI Hospital topped the turnover chart with its shares worth Tk 93.01 crore changing hands.

Nahee Aluminum Composite Panel, Eastern Housing, BEXIMCO, Orion Pharma, Genex Infosys, National Polymer, Bangladesh Shipping Corporation, LafargeHolcim Bangladesh and Malek Spinning Mills were other revenue leaders.

Sea Pearl was the day’s best performer, posting a gain of 9.8%, while Sonargaon Textiles was the worst loser, losing 9.96%.

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