Dhaka, Bangladesh (BBN) – Bangladesh’s stocks extended the losing streak for the third running sessions on Sunday as cautious investors continued on a selling binge.
Analysts said the market remained on losing streak as risk-averse investors sold shares to book profit on stocks that saw substantial gain in the past few weeks, taking the market in the red zone.
Following the previous week’s correction, the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) opened positive with thin trading activities.
Within first 15 minutes of trading, the key index of the country’s prime bourse advanced more than 8.0 points while the Selective Category Index of port city bourse gained 0.12 points at 10:45am.
After 30 minutes of trading DSEX gained more than 30 points while the Selective Category Index of port city bourse rose 22 points at 11:00am.
Since then, the market started to decline and after 90 minutes of trading, DSEX fell 2.68 points, while the Selective Category Index of port city bourse lost 5.73 points.
Finally, DSEX fell 5.15 points while the Selective Category Index of port city bourse lost 9.44 points as the session closed.
DHAKA STOCK EXCHANGE:
DSEX, the benchmark index of the DSE, which replaced the DGEN in four-and-a-half-year back, settled at 6,165 points, after losing 5.15 points or 0.08 percent over the previous session.
However, the two other indices – the DS30 index and the DSE Shariah Index (DSES) –closed in the green. The DS30 index, comprising blue chips advanced 2.27 points or 0.10 percent to finish at 2,199 points.
The DSE Shariah Index (DSES) also gained 4.32 points or 0.32 percent to close at 1,366 points.
The market activities also fell sharply with total turnover on DSE amounting to BDT 6.62 billion, which was 15 percent lower than the previous day’s BDT 7.80 billion.
The losers took a strong lead over the gainers as out of 331 issues traded, 207 closed lower, 88 higher and 36 remained unchanged on the DSE trading floor.
The banking sector dominated the turnover chart with Shahjalal Islami Bank led the chart with 15.68 million shares worth BDT 396 million changing hands, closely followed Uttara Bank BDT 322 million, National Bank BDT 296 million, Jamuna Oil Company BDT 232 million and Exim Bank BDT 179 million.
Monno Ceramic Industries was the day’s best performer, posting a gain of 9.96 percent while Fareast Life Insurance was the day’s worst loser, plunging by 18.48 percent following its price adjustment after record date.
CHITTAGONG STOCK EXCHANGE:
The port city bourse Chittagong Stock Exchange (CSE) also closed in the red with its Selective Categories Index – CSCX – losing 9.44 points to close at 11,569 points.
Losers beat gainers as 155 issues closed lower, 68 higher and 32 remained unchanged on the CSE.
The port city bourse traded 14.74 million shares and mutual fund units worth more than BDT 550 million in turnover.