Dhaka, Bangladesh (BBN)– Bangladesh’s stocks extended the losing streak for fifth consecutive session as investors’ panic-driven sales amid their lack of ‘confidence’.
The country’s prime bourse witnessed another moderate correction in broad index and turnover on Sunday and extended the losing streak for fifth consecutive session.
Only pharmaceuticals & chemicals sector saw nominal price appreciation, while other sectors displayed moderate correction following investors’ panic-driven sales, according to experts.
Subsequently, the losers took lead over gainers, as out of 345 issues–41 advanced, 267 declined and 37 were unchanged on the Dhaka Stock Exchange (DSE).
Following investors’ less participation, the turnover also went down below BDT 3.0 billion mark, whereas the DSE broad index DSEX hit 3-year low.
After the mid-session, a timid recovery stance was observed but the DSEX failed to recover loss and finally closed the session with a moderate loss.
At the end of the session, the DSEX settled at 4761.87 points with a loss of 1.0 per cent or 48.34 points.
The shariah based index DSES went down by 1.05 per cent or 11.74 points to close at 1099.61 points.
The DS30 index comprising blue chip securities declined 0.90 per cent or 15.37 points to close at 1689.16 points.
The depressed market outlook kept the investors worried, which resulted into poor market participation, they added.
They also said the investors went for selling of shares within the first half an hour and there was no sign of intraday reversal which led the benchmark index to close below 4800-point.
The turnover stood at above BDT 2.98 billion which was 9.06 per cent less than the turnover of the previous session.
Top ten traded stocks captured around 38.6 per cent of the day’s total turnover.
Of the sectors which witnessed price correction, bank declined 0.6 per cent, engineering 2.4 per cent financial institutions 2.0 per cent, fuel & power 0.8 per cent, mutual fund 2.1 per cent, telecommunication 2.2 per cent, and textile 2.3 per cent.
Pharmaceuticals & chemicals was the only one sector which witnessed 0.1 per cent price appreciation.
Investors’ focus was concentrated mostly on engineering sector which captured 21.90 per cent of the market turnover followed by pharmaceuticals & chemicals 20 per cent, textile 8.2 per cent, and fuel & power 5.7 per cent.
National Tubes topped the board of most traded stocks with a turnover of BDT 252 million followed by Wata Chemicals BDT 144 million, Bangladesh Submarine Cable Company BDT 122 million, Monno Jute Stafflers Tk 96 million and Bangladesh Shipping Corporation BDT 91 million.
Sonali Aansh Industries was the number one gainer with a rise of 8.75 per cent to close at BDT 458.60 each.
Mozaffar Hossain Spinning Mills was the worst loser after declining 9.52 per cent to close at BDT 7.60 each.
On the other hand, the benchmark index CASPI declined 0.99 per cent or 145.19 points to close at 14510.21 points on the Chittagong Stock Exchange (CSE) on Sunday,
Of 236 issues traded, 30 advanced, 181 declined and 25 were unchanged on the port city bourse CSE.