Bangladesh’s stocks extend losing streak for sixth day

Dhaka, Bangladesh (BBN) – Bangladesh’s stocks extended losing streak for the sixth running sessions on Wednesday as risk-averse investors continued on selling spree.

Brokers said the market kept its losing streak as cautious investors sold shares to book profit on stocks that saw substantial gain in the past few weeks, especially banks which dragged down indices.

Following the previous day’s correction, the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) opened positive.

After first 15 minutes of trading, the key index of the country’s prime bourse advanced 20.09 points while the Selective Category Index of port city bourse gained 12.28 points at 10:45am.

After 30 minutes of the day’s trading DSEX, the key index of the Dhaka Stock Exchange (DSE) increased 21.43 points and the CSCX, the Selective Category Index of port city bourse, expanded 36.95 points at 10:59am when this report was filed.

But as the time progressed, both the bourses nosedived to prevail the last five days negative trend.

At 12:43pm, DSEX plunged 2.71 points and reached at 6,101while the Selective Category Index of port city bourse dropped 1.45 points to reach at 11,445 points when this report was filed.

Finally, DSEX dropped 1.97 points while the Selective Category Index of port city bourse lost 48.81 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 6,079 points, after losing 24.95 points or 0.41 percent.

The two other indices – the DS30 index and the DSE Shariah Index (DSES) – also followed the plunging suit.

The DS30 index, comprising blue chips fell 4.68 points or 0.21 percent to finish at 2,178 points.

The DSE Shariah Index (DSES) also lost 5.18 points or 0.38 percent to close at 1,350 points.

The market activities stood at BDT 7,753 million, which was BDT 7152 in the previous day.

The losers took a strong lead over the gainers as out of 330 issues traded, 231 closed lower, 62 higher and 37 remained unchanged on the DSE trading floor.

The banking sector continued to dominate the turnover chart with Shahjalal Islami Bank Ltd led the chart with BDT 435 million shares changing hands, closely followed by Jamuna Bank BDT 393 million, Uttara Bank BDT 272 million, Exim Bank BDT 252 million, Dutch-Bangla Bank Ltd BDT 250 million and Ifad Autos BDT 246 million.

Dutch-Bangla Bank was the day’s best performer while Western Marine Shipyard Limited was the day’s worst loser.

CHITTAGONG STOCK EXCHANGE:

The port city bourse Chittagong Stock Exchange (CSE) also closed lower with its Selective Categories Index – CSCX – losing 48.81 points to close at 11,398 points.

Losers beat gainers as 172 issues closed lower, 58 higher and 22 remained unchanged on the CSE.

The port city bourse traded shares and mutual fund units worth more than BDT 6.54 million in turnover.

BBN/SS/ANS