Dhaka, Bangladesh (BBN) – Bangladesh’s stocks closed lower for the seven consecutive sessions on Monday as worried investors continued their selling binge to avoid further loss ahead of budget announcement.
Finance Minister AMA Muhith is scheduled to place the national budget for the upcoming FY 2017-18 on June 1.
Following the previous six days’ correction, the Dhaka Stock Exchange (DSE) opened lower while the Chittagong Stock Exchange (CSE) saw positive trend at opening.
After 15 minutes of trading, the key index of the country’s prime bourse fell 1.95 points while the Selective Category Index of port city bourse advanced 4.30 points at 10:45am.
After 30 minutes of trading, the DSEX stands at 5,459, losing 1.56 points, while the Selective Category Index of port city bourse rose 9.97 points at 11am.
After 11:30am, it started to sharp decline and the downturn continued till end of the session.
Finally, the prime index of the DSE finished at 5,428, losing 32 points or 0.58 percent over the previous session.
The two other indices also closed lower. The DS30 comprising blue chips fell 15.62 points or 0.77 per cent to finish at 2,002. The DSE Shariah Index (DSES) lost 8.63 points or 0.68 per cent to settle at 1260.
Turnover, the crucial indicator of the market, came down to BDT 5.38 billion which was 2.18 percent lower than the previous session’s BDT 5.50 billion.
Losers took a strong lead over the gainers, as prices of 172 securities declined, 112 advanced and 42 remained unchanged out of the 42 issues that were traded on the DSE floor.
Paramount Textile topped the DSE turnover chart with shares worth nearly BDT 203 million changing hands, closely followed by Shahjibazar Power, LankaBangla Finance, Doreen Power and Ratanpur Steel.
Purabi General Insurance Company was the day’s highest gainer, posting 9.74 percent gain, while Central Insurance was the worst loser, shedding 9.09 percent.
The port city bourse, the Chittagong Stock Exchange (CSE), also closed lower with its Selective Categories Index – CSCX – losing more than 54 points to settle at 10,197 points.
Losers beat gainers as 138 issues closed lower, 80 closed higher and 20 remained unchanged on the CSE.
The port city bourse traded 10.47 million shares and mutual fund units’ worth over BDT 292 million in turnover.