Shawdesh Desk:

Dhaka stocks dropped for the third day on Monday as a section of investors were busy making some profits, market operators said.

They also said most of the investors remained on the sideline amid economic worries in the country.

Some investors kept trading cautiously ahead of the announcement of the national budget for the forthcoming financial year of 2023-24.

Finance minister AHM Mustafa Kamal will present the national budget in Jatiya Sangsad on June 1.

DSEX, the key index of the Dhaka Stock Exchange, lost 3.30 points, or 0.05 per cent, and settled at 6,260.09 points on Monday.

The market lost a total of 18.99 points in the past three trading sessions.

Share prices of more than two-thirds of the companies remained stuck in their floor prices.

The floor price restriction system, which the Bangladesh Securities and Exchange Commission introduced in July 2022 to prevent any excessive plunges on the market, narrowed the access and exit options for investors and as a result, a big amount of the investors’ investments was stuck in the market, the market operators said.

Multiple challenges, including inflation, rising external debts, foreign exchange market volatility, depleted foreign exchange reserves, a growing trade deficit and energy crisis have forced most of the investors to remain on the sideline in recent months, they said.

The turnover on the bourse increased to Tk 653.99 crore on Monday compared with that of Tk 636.49 crore on Sunday.

EBL Securities in its daily market commentary said that the equity indices of the Dhaka bourse failed to break their losing streak owing to the late-session sale frenzy of cautious investors who preferred profit-booking due to the prevalent volatility on the trading floor that created uncertainty regarding the market momentum.

The market managed to remain upbeat till mid-session as optimistic investors chased sector-specific issues in anticipation of quick gains, it said.

Out of the 344 issues traded, 70 advanced, 84 declined and 190 remained unchanged on Monday.

Meghna Insurance, Trust Islami Life Insurance, Crystal Insurance, Paramount Insurance, Continental Insurance, Federal Insurance, Global Insurance, Asia Pacific General Insurance, Karnaphuli Insurance, Desh General Insurance were the top 10 gainers considering their closing price on the day.

Gemini Sea Food, Midland Bank, Jute Spinners, Sonali Aansh Industries, Eastern Cables, Khan Brothers PP, Miracle Industries, Sea Pearl Beach Resort, GBB Power and Apex Foods were the top 10 losers considering their closing prices on the day.

The DS30 index decreased by 4.42 points to finish at 2,185.82 points and the DSE Shariah index declined by 2.76 points to close at 1,366.17 points on the day.

Gemini Sea Food topped the turnover chart with its shares worth Tk 29.89 crore changing hands.

Sea Pearl Beach Resort, Bangladesh Shipping Corporation, CVO Petrochemical, Rupali Life Insurance, Genex Infosys, Eastern Housing, Paper Processing, Aamra Networks and Intraco Refueling Station were the other turnover leaders on the day.