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Stocks fall for 3rd running day on Covid surge

Published : Monday, 23 November, 2020 at 12:00 AM  Count : 90
Business Correspondent

Indices on the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) plunged on Sunday extending the falling streak for the third running session as the dominant small investors worried of the second wave of virus infection stayed away from the market.
Thirty-eight people have died from Covid-19 in the last 24 hours. The total number of deaths has now reached 6,388, according to a press release issued by the Directorate General of Health Services.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), declined by 41.70 points or 0.85 per cent to 4,845 while the DS30 index, comprising blue chips, lost 15.43 points to 1,687 and the DSE Shariah Index fell 6.95 points to 1,123 at the close of the trading.
The daily trade turnover on the DSE also plunged to Tk 4.95 billion, plunging further by 15 per cent over the previous day's turnover of Tk 5.85 billion.
It was the lowest single-day transaction in four months since July 29, this year, when the turnover totalled a record Tk 3.99 billion.
Recent price bidding and IPO subscription of a number of IPOs had also stuck a large amount of fund in the primary market which is a reason for low turnover in recent days, said a leading broker.
Many investors followed 'wait-and-see' approach amid a regulatory move to investigate an abnormal hike in unit prices of five mutual funds, he said.
Losers took a strong lead over the gainers as out of 344 issues traded, 196 closed lower, 70 higher and 78 issues remained unchanged on the DSE trading floor.
A total number of 110,030 trades were executed in the day's trading session with a trading volume of 189.52 million shares and mutual fund units.
Beximco Pharma continued to dominate the turnover chart with 2.97 million shares worth Tk 432 million changing hands, followed by Beximco, ADN Telecom, Paramount Insurance and Brac Bank.
Provati Insurance was the day's best performer, posting a gain of 7.28 per cent while Summit Port Alliance was the worst loser, losing 11.18 per cent following its price adjustment after record date.
The CSE with its All Shares Price Index (CASPI) dropped 104 points to close at 13,863 while the Selective Categories Index (CSCX) lost 60 points to close at 8,350.
Of the issues traded, 149 declined, 47 advanced and 45 remained unchanged on the CSE. The port city bourse traded 6.75 million shares and mutual fund units with turnover value of more than Tk 160 million.

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