DSE turnover below Tk 200cr after 29 months

A representational picture of inventory market. — File photograph.

Dhaka shares declined on Monday with the turnover hitting a 29-month low as traders turned upset over the ground worth withdrawal from 169 firms though the present financial disaster is but to wane, market operators mentioned.

DSEX, the important thing index of the Dhaka Inventory Change, misplaced 0.20 per cent, or 12.51 factors, to shut at 6,189.69 factors on the day after gaining 3.39 factors within the earlier session.

The turnover on Dhaka bourse declined by 12.7 per cent and stood at Tk 198.80 crore on Monday as in opposition to Tk 227.74 crore within the earlier session.

Monday’s turnover was lowest after July 7, 2020 when it was at Tk 138.56 crore.

The market had struggled with the Covid pandemic and varied restrictions in 2020.

Bangladesh Securities and Change Fee chairman Shibli Rubayat-Ul-Islam on numerous events ensured traders that the BSEC wouldn’t take away flooring costs from firms till the financial disaster and the market state of affairs improved.

However the BSEC on December 21 eliminated flooring costs from 169 firms that disillusioned traders as they misplaced confidence available in the market, the market operators mentioned.

Buyers now apprehended that the BSEC would possibly withdraw flooring costs from the opposite firms too, they mentioned.

The BSEC on July 28 imposed flooring costs on all firms to forestall share costs of the businesses from falling past a sure degree.

The market operators mentioned that the withdrawal of flooring costs from sure scrips had put additional pressure on the ailing market, whereas the 1-per cent decrease circuit breaker had but to draw traders’ participation on the present costs, as they most popular to take a wait-and-see strategy amidst the present situation of the market.

EBL Securities in its each day market commentary mentioned, ‘Dhaka shares logged excessive hurdles owing to the traders’ response to the ground worth withdrawal from selective scrips amid the gloomy outlook of the market ensuing from the prevailing adversities on the macroeconomic entrance.’

‘Buyers most popular to dump their holdings and keep on the sidelines because the dismal efficiency forecasts of nearly all of the listed firms have weakened their willingness to take long-term positions in equities,’ it mentioned.

The nation’s financial system has been grappling with a number of causes together with inflation, report commerce deficit, exterior debt, greenback disaster, depleting international reserve and power disaster.

Out of the 329 points traded, 25 superior, 137 declined, and 267 remained unchanged.

Monno Ceramic topped the turnover chart with its shares price Tk 17.15 crore altering fingers.

Orion Infusion, Intraco Refueling Station, Sea Pearl Seaside Resort and Spa, Bashundhara Paper Mills, ADN Telecom, Genex Infosys, Creation Pharma and Monno Agro and Common Equipment have been the opposite turnover leaders on the day.