Stock markets dip on first trading day of Ramadan
NN Online:
The first trading day of Ramadan on Sunday and the opening session of the week, both the Dhaka and Chittagong stock exchanges experienced a drop in indices, along with a decrease in turnover.
Trading started under the newly adjusted schedule for Ramadan, with both stock markets operating for a shorter period. Previously, transactions were conducted from 10am to 2:30pm, but the timing has now been reduced to 1:30pm.
On the first day of this revised schedule, the benchmark DSEX index of the Dhaka Stock Exchange (DSE) fell by 10 points. Besides, the Shariah-based and blue-chip indices also remained in negative territory.
Brokerage houses said a decline in the index on the first day of Ramadan is quite common, as the market takes time to adjust to the sudden change in schedule. This often results in a higher probability of a decline on the initial day of fasting.
Alongside the index drop, turnover at the DSE also saw a decline. While the previous trading session recorded a turnover of Tk 487 crore, Sunday’s turnover fell to Tk 421 crore.
Out of 395 companies that participated in transactions, share prices increased for 144, declined for 184, and remained unchanged for 67.
In terms of categories, most A and B category stocks experienced a price drop, whereas shares in the Z category saw an upward trend.
Among the 99 companies traded under the Z category, 41 saw an increase in price, 36 recorded a decline, and 22 remained unchanged.
For mutual funds, most remained stable, with 14 witnessing a price drop and only five registering an increase.
In the block market, a total of 42 companies sold 7.2 million shares for Tk 23.75 crore. Among them, Eastern Bank recorded the highest transaction, selling shares worth Tk 4.43 crore.
HR Textile Limited led the gainers’ list on the DSE with a 9.89 per cent price increase in a single session, while Shinepukur Ceramics Limited suffered the steepest decline with a 9 per cent price drop.
Chattogram market also declines
Similar to Dhaka, the Chittagong Stock Exchange (CSE) also witnessed a fall in indices. The CSE’s overall index declined by 25 points on Sunday.
Among 204 participating companies, share prices increased for 76, fell for 98, and remained unchanged for 30.
Throughout the session, a total of Tk 5.16 crore worth of shares and units were traded at the CSE.
Aziz Pipes Limited emerged as the top gainer on the CSE with a 10 per cent price increase, whereas Shahjibazar Power Company Limited saw the highest decline, losing 9.86 per cent in value.