Stocks edge lower as banks’ profit dwindles

Sunbd Desk || Published: 2020-07-02 10:09:29 || Updated: 2020-07-02 10:09:29

The indices of two top bourses dropped today in the first one-and-half-hour of trading session since most of the banks reported that their half yearly profit in 2020 has shrinked compared to the previous year.

This scenario, triggered by global coronavirus pandemic, stands in contrast to the trend of 20-30 percent annual growth in operating profits, which the banking sector had been making over the last few years.

Banks were unable to operate fully for more than two months due to restrictions imposed to curb the spread of the novel coronavirus in the country.

DSEX, the prime index at the Dhaka Stock Exchange (DSE), declined by 7.44 points – or 0.18 percent – to reach at 3,981 till 11:30 am.

The Shariah-based DSES index also decreased by 3.34 points to settle at 921, while the blue-chip index DS30 dropped by 2.73 points to stand at 1,338.

Turnover on the DSE trading floor has gone down 11 percent to Tk42.50 crore in the first session.

Out of the 221 issues traded during the same time frame, only 12 company’s share prices advanced, 37 declined, and 172 remained unchanged.

Meanwhile, the benchmark index CASPI at the Chittagong Stock Exchange (CSE) has decreased 25.39 points to close at 11,307.

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