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Dhaka, Bangladesh (BBN) - Bangladesh’s stocks slipped into the red on Monday, snapping a two-day winning streak, as risk-averse investors went on selling binge on large-cap shares.
Investors remained worried about the volatility of the market and adopted a cautious stance, taking the index to the red territory, market experts explained.
The investors booked quick profit on selective large-cap stocks like Gramemenphone, United Power, ICB, LafargeHolcim and Bank Asia, which contributed to the market plunge, they added.
At the end of the session, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 28.10 points or 0.56 per cent to settle at 4,947.
Two other indices also ended lower. The DS30 index, comprising blue chips, fell 8.01 points to finish at 1,759 and the DSE Shariah Index lost 10.83 points to close at 1,138.
Turnover, a crucial indicator of the market, however, rose to BDT 5.95 billion, which was 55 per cent higher than the previous day’s BDT 3.84 billion.
They also said issues from most of the large-cap sectors saw selling pressure, particularly the telecoms, engineering, textile and pharma sectors.
The engineering sector witnessed the highest loss of 1.82 per cent, followed by telecommunication (1.30 per cent), pharmaceuticals (0.55 per cent), food (0.49 per cent), power (0.31 per cent) and banking (0.16 per cent).
Losers took a strong lead over the gainers, as out of 354 issues traded, 221 closed lower, 92 ended higher and 41 remained unchanged on the DSE trading floor.
A total number of 136,263 trades were executed in the day's trading session, with trading volume standing at 228.24 million shares and mutual fund units.
The market-cap of the DSE fell to BDT 3,738 billion on Monday, from BDT 3,759 billion in the previous session.
Monno Jute Stafflers topped the turnover chart with shares worth nearly Tk 117 million changing hands, followed by Bangladesh Shipping Corporation, Summit Power, National Tubes and Fortune Shoes.
CAPM BDBL Mutual Fund-01 was the day's best performer, posting a gain of 9.85 per cent while Mithun Knitting was the day's worst loser, plunging by 9.52 per cent following its production suspension news.
On the other hand, the Chittagong Stock Exchange, also ended lower with its All Shares Price Index (CAPSI) -- CASPI—losing 62 points to close at 15,046 and the Selective Categories Index - CSCX –shedding 37 points to finish at 9,139.
The gainers beat the losers, as 155 issues closed higher, 95 ended lower and 23 remained unchanged on the CSE.
The port city's bourse traded 26.78 million shares and mutual fund units worth nearly BDT 742 million in turnover.
BBN/SSR/AD