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Dhaka, Tuesday

09 August 2022

Business Insider Bangladesh

Stocks snap 4-day rally on first day of new fiscal year

BI Report || BusinessInsider

Published: 21:38, 3 July 2022  
Stocks snap 4-day rally on first day of new fiscal year

Representational collected photo

Dhaka Stocks started its journey into the new financial year (FY) 2022-23 on a negative trend as all indices, turnover and share prices of most companies declined on Sunday.

DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), went down over 17 points or 0.26 percent to settle the day at 6,359.

Among other indices, the shariah-based DSES fell by 2.03 points or 0.14 percent, and the blue-chip DS-30 decreased by 4.37 points or 0.19 percent.

Grameenphone had the biggest impact on the price index with the share price of this company went to the lowest level of the day from the beginning of the transaction.

Earlier on June 29, the Bangladesh Telecommunication Regulatory Commission banned the sale of Grameenphone’s new SIMs, citing “inability to provide quality services to customers through voice calls and internet connections” as the reason.

As a result, orders to sell a large number of shares of the company at the lowest price have been coming since Thursday. On the other hand, the purchase order became zero.

This selling demand continued on Sunday as well. On the day, the company’s share price fell to 288.30. As a result, the company reduced the index by 19.10 points.

The fall in Grameenphone’s share price had a significant impact on the stock market resulting in the list of losing companies becoming longer.

On contrary, Robi, another company in the telecommunication sector, saw its share price rise throughout the day.

Robi’s shares traded at the highest price of the day during almost the entire trading session. Even then, most of those who owned the company’s shares did not want to sell.

As a result, even when orders to buy a huge share at the highest price poured in, the sale order remained empty. At the end of the day, Robi’s share price stood at Tk 33.10. The company added 38.32 points to the index on the day.

Meanwhile, at the end of the day, the DSE had a turnover of Tk 654.83 crore, which is Tk 282.91 crore less than the previous session.

Shares of the 382 companies traded on the day, of which 120 firms gained, 219 issues lost and 43 companies remained unchanged.

The textile sector rose to the top position in terms of transactions. The total turnover in this sector was Tk 67.1 crore, which is 11.40 percent of the total turnover.

The fuel and power sector was at the second position with Tk 61.2 crore turnover, followed by engineering sector at Tk 57.3 crore.

Shares of Intraco Refueling were the most-traded by value on the DSE as its shares worth Tk 36.27 crore were traded on the day.

Sonali Paper, which was the second most-traded stock, had a turnover of Tk 34.42 crore followed by Beximco Limited, IPDC Finance, Robi, Fu-Wang Food, Shinepukur Ceramics, BSCCL, Coppertech and Aamra Network.

Meanwhile, the overall index CASPI of the Chittagong Stock Exchange (CSE) decreased over 29 points to 18,698 and securities worth Tk 17.41 crore were traded on the day.