Dhaka, Bangladesh (BBN) – Bangladesh’s stocks extended their losing streak for the two consecutive sessions on Sunday with turnover hitting two months low as cautious investors continued their selling spree.
Analysts said the weakness on the market came as most of the investors were cashing in on stocks to safeguard their position while some took position on sector specific stocks, making the market volatile.
Although the market opened with a positive note and the key of the premier bourse rose 12 points within first 5 minutes, next 10 minutes, it fell sharply by 46 points at 10:45am.
After 30 minutes of trading, the key index of the country’s prime bourse recovered the losses and advanced 2.80 points at 11:00am, but failed to sustain the momentum as the session progressed.
At 12:00 noon, DSEX declined 21.06 points while the Selective Category Index of port city bourse lost 9.94 points when the report was filed.
The key index of the country’s prime bourse DSE slumped 42.26 points while the Selective Category Index of port city bourse lost 96.26 points at the closing.
After witnessing see-saw movement throughout the session, DSEX, the prime index of the Dhaka Stock Exchange (DSE), finished at 5,322.86, losing 42.26 points or 0.78 per cent over the previous day.
The two other indices also closed lower.
The DS30, comprising blue chips, fell 4.48 points or 0.23 per cent to close at 1952.41 points.
The DSE Shariah Index (DSES) lost 5.43 points or 0.43 per cent to finish at 1,249.36 points.
Turnover, the crucial indicator of the market, continued to decline and the total turnover came down to BDT 6.78 billion, which was 9.0 per cent lower than the previous day’s BDT 7.45 billion.
The losers took a strong lead over the gainers as 328 issues traded, 227 closed lower, 80 closed higher and 21 remained unchanged on the DSE trading floor.
Saif Powertec dominated the DSE turnover chart with about 4.05 million shares of BDT 265 million changing hands, closely followed by Beximco BDT 251 million, LankaBangla Finance BDT 213 million, Islami Bank BDT 212 million and ACI Formulations BDT 183 million.
LankaBangla Finance was the day’s highest gainer, posting 8.56 percent rise, while EBL First Mutual Fund was the worst loser, plunging by 8.22 percent.
The port city bourse, the Chittagong Stock Exchange (CSE), also closed lower with its Selective Categories Index – CSCX – losing 96.26 points to settle at 9967.40 points.
Losers beat gainers as 180 issues closed lower, 58 closed higher and 9 remained unchanged on the CSE.
The port city bourse traded 17.08 million shares and mutual fund units’ worth BDT 415 million in turnover.