Dhaka, Bangladesh (BBN)– Bangladesh’s stocks extended the losing streak for sixth day in a row on Wednesday as investors continued their selling binge amid poor quarterly earnings disclosures.
Analysts said ongoing pessimism coupled with upcoming holy month of Ramadan persuaded many investors to cash in on stocks while some adopted ‘wait-and-see’ stance ahead of national budget.
The market opened on positive note like previous few days and the key index gained about 23 points within first 25
minutes of trading, but rest of the session went down steadily, finally DSEX fell more than 15 points while CSE All Share Price Index lost 42 points at closing.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 15.13 points or 0.26 percent to settle at 5,627.
DSE prime index eroded more than 186 points in six consecutive sessions.
The DS30 index, comprising blue chips, also fell 15.13 points or 0.47 percent to finish at 2,085.
However, the DSE Shariah Index (DSES) advanced 3.19 points or 0.24 percent to close at 1,309.
Trading activities rose more than 18 percent on the DSE and the total turnover amounting to BDT 5.60 billion against BDT 4.73 billion in the previous session.
The losers took modest lead over the gainers as out of 339 issues traded, 171 closed lower, 120 ended higher and 48 issues remained unchanged on the DSE trading floor.
Beximco continued to top the turnover chart with shares worth BDT 240 million changing hands, closely followed by Western Marine Shipyard BDT 205 million, United Power BDT 198 million, BRAC Bank BDT 155 million and Salvo Chemicals BDT 139 million.
Prime Textile Spinning Mills was the day’s best performer, posting a gain of 9.72 percent while BIFC was the day’s worst loser, losing 5.81 percent.
The port city’s bourse CSE also closed lower with the CSE All Share Price Index – CASPI – losing 53 points to settle at 17,367 and Selective Categories Index – CSCX – shedding 34 points to finish at 10,490.
Here too, losers beat the gainers as 119 issues closed lower, 89 ended higher and 36 remained unchanged.
The port city bourse traded 8.02 million shares and mutual fund units worth more than BDT 224 million in turnover.