Dhaka, Bangladesh (BBN)– Bangladesh’s stocks extended the losing streak for the fifth straight session on Tuesday as worried investors continued their selling binge on large-cap shares.
Lack of investors’ confidence, telecom regulator’s strict stance towards Grameenphone, soaring non-performing loans and falling foreign portfolio investment continued to hit investors’ sentiment, according to market operators.
DSEX, prime index of Dhaka Stock Exchange (DSE), went down by 26.48 points or 0.52 per cent to close at 5,007.
The market opened on negative note and the key index dipped below ‘psychological’ threshold of 5,000-mark in the mid-session, before closing slightly above 5,000.
DSEX eroded nearly 172 points or 3.32 per cent in the past five straight sessions.
GP, the largest market capitalisation issue, plunged further by 3.09 per cent, contributing more than 20 points DSEX fall, said a leading broker.
The GP share traded between BDT 290.40 and BDT 304.10 on Tuesday, before closing at BDT 294.80 each.
The GP share price plunged 30 per cent in the past five months due to tussle between telecom regulator and GP over claims of unpaid dues of heavyweight GP that led the selling pressure by investors.
Two other indices also ended lower. The DS30 index, comprising blue chips, fell 15.88 points to finish at 1,759 and the DSE Shariah Index lost 5.25 points to close at 1,167.
Turnover, a crucial indicator of the market, also fell to BDT 3.94 billion, which was 11 per cent lower than the previous day’s BDT 4.43 billion.
The telecommunication sector witnessed the highest loss of 2.98 per cent, followed by power with 1.03 per cent, food 0.97 per cent, banking 0.68 per cent and financial institutions 0.27 per cent.
Only the pharmaceuticals gained 0.25 per cent.
A total number of 124,021 trades were executed in the day’s trading session with trading volume of 90.77 million shares and mutual fund units.
The market-cap of the DSE also fell to BDT 3,743 billion on Tuesday, from BDT 3,768 billion in the previous session.
Losers took a strong lead over the gainers as out of 339 issues traded, 169 closed lower, 109 ended higher and 61 remained unchanged on the DSE trading floor.
Monno Ceramic Industries topped the turnover chart for the third straight session with shares worth BDT 279 million changing hands, followed by Monno Jute Stafflers, Stylecraft, United Power and Grameenphone.
Desh Garment was the day’s best performer, posting a gain of 9.08 per cent while Imam Button Industries was the day’s worst loser, plunging by 9.45 per cent.
On the other hand, the Chittagong Stock Exchange closed lower with its All Shares Price Index (CASPI) — CASPI– losing 110 points to close at 15,302 and the Selective Categories Index – CSCX – shedding 65 points to finish at 9,289.
Losers beat the gainers as 130 issues closed lower, 69 higher and 37 remained unchanged on the CSE.
The port city bourse traded 5.61 million shares and mutual fund units worth nearly BDT 160 million in turnover.