Stocks plunge to 3.5-month low amid correction

The benchmark index of Dhaka Stock Exchange (DSE) plunged to a three-and-a-half months low yesterday mainly because of a huge fall in prices of top traded stocks amid a correction.

The index, DSEX, declined 61.99 points or 1.13 percent before finishing the day at 5,384.41. It experienced a fall of 83.05 points on July 2.

Three of the top traded stocks, Summit Power, Khulna Power Company and United Power Generation, accounted for almost 30 percent of the total turnover on an average in the last five days.

Yesterday, price of each share fell 3.08 percent to Tk 129 for Khulna Power, 4.81 percent to Tk 45.50 for Summit Power and 1.92 percent to Tk 343 for United Power Generation.

The plunge in the top movers' prices kept the investors' money stuck in the stocks, resulting in a fall of almost 80 percent of the stocks yesterday.


Turnover, another important indicator of the market, dropped 15.65 percent to Tk 278.11 crore, the lowest since October 2, when the amount hit Tk 488.40 crore.

Some 11.62 crore shares and mutual fund units changed hands on the DSE. Of the traded issues, 75 advanced, 227 declined and 37 closed unchanged on the premier bourse.

Khulna Power dominated the turnover chart with 42.40 lakh shares worth Tk 54.59 crore changing hands, followed by Summit Power, United Power Generation, Shasha Denims and Dragon Sweater.

Legacy Footwear was the day's best performer with a 9.98 percent gain while Meghna Cement was the worst loser, shedding 8.51 percent. Chittagong stocks also fell yesterday with the bourse's benchmark index, CSCX, declining 133.03 points or 1.30 percent to finish the day at 10,046.58.

Losers beat gainers as 177 declined, 47 advanced and 14 finished unchanged on the stock market.

The port city bourse traded 72.31 lakh shares and mutual fund units worth Tk 22.15 crore in turnover.
Source: https://www.thedailystar.net

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