Stocks bleeding on economic uncertainty

Stocks keep rising

Most shares on the Dhaka and Chittagong stock exchanges dropped yesterday as economic uncertainty at home and abroad persists, prompting the key indices to retreat for the third consecutive day.

Shares of only 60 companies advanced on the Dhaka Stock Exchange (DSE), while 136 slipped and 174 did not find any buyer.

This forced the DSEX, the benchmark index of the premier bourse in Bangladesh, to shed 21 points, 0.33 per cent, to close at 6,489.

The DSES, the shariah-based index, lost 0.52 per cent to 1,413. The DS30, the index that consists of blue-chip companies, gave up 0.66 per cent to 2,316.

“The DSEX dipped below the 6,500-mark as investors opted to stay on the sidelines amid global economic uncertainty caused by rising inflation worldwide,” said International Leasing Securities Ltd, a brokerage house, in its daily market review.

Turnover, however, rose nearly 15 per cent Tk 1,494 crore from a day earlier.

Among the sectors, service rose 3.9 per cent, travel gained 2.9 per cent, and IT advanced 1.6 per cent. On the other hand, jute fell 1.9 per cent and cement declined 1.2 per cent.

Investors’ activity was mostly centred on pharmaceuticals, which accounted for 16.6 per cent of the day’s turnover, and service, representing 9.2 per cent of the turnover.

ADN Telecom was the most successful stock on the day, rising 9.93 per cent. Index Agro Industries, Aziz Pipes and Mir Akhter Hossain surged more than 9 per cent as well.

Shares of Saif Powertec rose 5.28 per cent on the news that it has entered a deal with Abu Dhabi-based Safeen Feeders to run three container feeder vessels on the Bangladesh-United Arab Emirates and other international routes.

Saif Powertec estimates that the freight revenue per vessel would be around $20 million, or about Tk 200 crore, per annum while net profit $2.50 million, or around Tk 25 crore.

Jute Spinners suffered the highest fall, shedding 7.16 per cent. Pragati Life Insurance, Monno Agro & General Machinery, and Sunlife Insurance Company declined more than 4 per cent.

Orion Pharma was the most-traded stock with its issues involving Tk 119 crore transacted. Bangladesh Export Import Company saw a turnover of Tk 94 crore.

The Caspi, the all-share index of the bourse in the port city, fell 25 points, or 0.13 per cent, to end the day at 19,156. Of the securities, only 54 advanced, 94 went down, and 104 remained unchanged. Turnover fell more than 10 per cent to Tk 103 crore.