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Stocks entered a second session of decline while market turnover remained low yesterday as people are shaky about making investments amid the rising cost of living and production in Bangladesh.
Bangladesh Bank recently issued a directive asking lenders in the country to adjust the interest on deposits so that it cannot be lower than the current inflation rate.
“But when the deposit interest rate rises, it has a negative impact on the market as people prefer to keep their money in banks,” a stockbroker said.
Besides, investor behaviour was influenced by a rumour that the Bangladesh Securities and Exchange Commission would repeal its decision to the lower circuit breaker.
As per the new circuit breaker, stocks cannot fall by more than 2 per cent daily.
However, the market regulator later confirmed that the rumour was unfounded as no such action had been taken.
The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE) shed 6 points, or 0.09 per cent, to hit 6,691 yesterday.
The country’s premier bourse saw 100 stocks advance and 242 decline while 38 stayed in place after the session.
Turnover at the DSE rose by around 3 per cent to Tk 634 crore.
Beximco remained the most traded stock with shares worth Tk 45 crore changing hands, followed by Dragon Sweater and Spinning, BDCOM Online, Bangladesh Shipping Corporation, and Silco Pharmaceuticals.
Gemini Sea Food topped the gainers list, gaining 8.6 per cent, followed by Premier Bank, Beach Hatchery, Apex Foods, and Fortune Shoes.
Aamra Technologies shed the most, dropping 1.99 per cent, followed by Asian Tiger Sandhani Life Growth Fund, Bangladesh Building System, Anlima Yarn, and VFS Thread.
The Chittagong Stock Exchange (CSE) also dropped yesterday as the CASPI, the main index of the port city bourse, eroded 39 points, or 0.20 per cent, to reach 19,616.
Among the 283 stocks traded, 57 advanced, 198 fell and 28 remained unchanged.
(TDS)
