Dhaka, Bangladesh (BBN) – Bangladesh’s stocks extended losses for the four consecutive sessions on Monday as investors continued on selling mood.
Market insiders said the correction phase of the market continued as string of downbeat earnings update has stifled the market sentiment.
Both bourses – the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) finished lower for the four consecutive sessions.
The market started with a mixed trend and the key index of the major bourse gained nearly 10 points after first hour of trading, but could not sustained the momentum, ultimately ended marginally lower.
DHAKA STOCK EXCHANGE:
DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 12.91 points or 0.28 percent to finish at nearly two months low at 4,592.18 points since September 6.
The two other indices also closed in the red. The DS30 comprising blue chips fell 1.51 points or 0.08 percent to settle at 1,733.43 points.
The DSE Shariah Index (DSES) lost 0.63 points or 0.06 percent to close at 1,100.04 points.
Turnover, the important indicator of the market, also came down to BDT 3.89 billion, which was 15 percent lower than the previous session’s turnover of BDT 4.57 billion.
The losers took a strong lead over the gainers as out of 321 issues traded, 161 closed lower, 122 closed higher and 38 remained unchanged on the DSE trading floor.
Doreen Power Generations and Systems continued to dominate the DSE turnover chart with some 2.38 million shares worth BDT 272 million changing hands, followed by MJL Bangladesh BDT 182 million, Argon Denim BDT 137 million, Square Pharmaceuticals BDT 96 million and Fortune Shoes BDT 91 million.
FAS Finance was the day’s best performer, posting a 9.38 percent gain, while Legacy Footwear was the worst loser, slumping by 34 percent.
Chittagong Stock Exchange:
The port city bourse, the Chittagong Stock Exchange (CSE) also finished lower with its Selective Categories Index – CSCX – shedding 8.11 points to settle at 8,605.11 points.
Gainers beat losers as 111 issues closed higher, 108 closed lower and 26 remained unchanged on the CSE.
The port city bourse traded 9.42 million shares and mutual fund units’ worth over BDT 255 million in turnover.