Dhaka stocks dropped on Sunday for three trading sessions in a row with all the large capitalised sectors declining as budget concerns coupled with Eid closing tempted investors to sell shares to take out cash from the market.
The key index of Dhaka Stock Exchange, DSEX, declined by 20.57 points, or 0.37 per cent, to stand at 5,455.17 points on Sunday, the first day of the week.
The DSEX lost 45.47 points in last three trading sessions.
Although the market was flat during the first half an hour, it got the way down steeply afterwards without any break, ultimately closing the market with 20 points down.
The market fell amid a decline in two-thirds scrips as a section of investors might have decided to sell off shares for making some cash in hand to meet Eid expenses, they said.
The investors were active on the selling side as they knew that the market will go for Eid vacation from June 22, they said.
Besides, the budget-centric worries kept investors unstable at the market as the government is not giving any clear-cut decision regarding the new VAT law and excise duty rate, stockbrokers said.
Moreover, all the large capitalised scrips slumped on the day as investor went on profit taking selling spree after six-day rise last week, they said.
Of the 30 heavyweight scrip, 23 declined and just six advanced and one remained unchanged on the day.
‘The capital bourse of the country started the first session of the week with downbeat tune as profit booking tendency has been displayed by investors,’ said EBL Securities at its market commentary.
Of the two-thirds of the stocks tumbled on Sunday, the fall in share prices of Grameenphone, Investment Corporation of Bangladesh and Pubali Bank contributed to sending the market to the red zone while GP alone made 6 points decline to the core index, stockbrokers said.
On the sectoral point of view, the decline in share prices of NBFI, energy and bank by 0.9 per cent, 0.6 per cent and 0.5 per cent respectively affected the market most, they said.
Of the 30 bank scrips, 15 declined, six advanced and nine remained unchanged while out of 18 energy scrips, 13 declined and just five advanced on the day.
On the other hand, some investors preferred to be on the sidelines, looking forward to getting any confirmed information regarding budget critical issues, stockbrokers said.
As a result, the turnover on the bourse declined to Tk 469.01 crore compared with that of Tk 567.34 crore in the previous trading session.
DS30, the blue-chip index of the DSE, decreased by 0.23 per cent, or 4.73 points, to close at 2,032.28 points.
The Shariah index, DSES, fell by 0.34 per cent, or 4.35 points, to close at 1,263.97 points.
Of the 331 companies and mutual funds traded, 193 declined, 87 advanced and 51 remained unchanged.
Paramount Textiles led the turnover chart on the day with its shares worth Tk 25.40 crore changing hands.
Beximco Pharmaceuticals, City Bank, Square Pharmaceuticals, MJL Bangladesh, BD Finance, Shahjibazar Power Company, United Power Generation, FAS Finance and Doreen Power were the other turnover leaders.
Shepherd Industries gained the most with a 3.28-per cent increase in its share price, while Savar Refractories was the worst loser on the day, shedding 8.46 per cent.
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