Bears trample over DSE for 13th day

DSEX, the benchmark index of the Dhaka Stock Exchange, continued to descend for the thirteenth day straight, its longest losing streak yet since its launch in January 2013.

Yesterday, it shed 52.60 points to close at 5,390 points.

In the past 13 days, the index saw 423.09 points knocked off and Tk 20,965 crore in market value wiped out.

The bear run comes at a time when the DSE seems fortified by the official entry of the Shanghai Stock Exchange and Shenzhen Stock Exchange as its strategic partner.

The two Chinese bourses have offered to usher in radical technological upgrades and a host of new products and services, so, in theory, Dhaka stocks should be on a bull run.

“Issues like widening of current account deficit and liquidity shortage in the banking industry have left investors concerned,” said EBL Securities in its daily market review.

Turnover, another important indicator of the market, declined 20.1 percent to Tk 395.66 crore, with 9.47 crore shares and mutual fund units changing hands on the DSE. Of the traded issues, 50 advanced, 261 declined and 23 closed unchanged on the premier bourse.

Intraco Refuelling Station dominated the turnover chart with its transaction of 29.97 lakh shares worth Tk 13.30 crore. It was followed by BSRM, Queen South Textiles, Western Marine Shipyard and Legacy Footwear.

Advent Pharma was the day's best performer, posting a gain of 9.97 percent, followed by SEML Legacy Footwear, Intraco Refuelling Station and Rahim Textile.

Bangladesh National Insurance Company was the day's worst loser, shedding 8.75 percent, followed by Meghna Condensed Milk, Asia Insurance and Prime Islami Life Insurance.

Among the major sectors, financial institutions lost 1.19 percent, engineering 1.16 percent and textile 1.01 percent. On the other hand, no sector gained yesterday.

Chittagong stocks also fell yesterday, with the bourse's benchmark index, CSCX, declining 99.76 points, or 1 percent, to finish the day at 10,059.89 points.

Losers beat gainers as 155 stocks declined and 38 advanced, while 24 finished unchanged on the Chittagong Stock Exchange.

The port city bourse traded 54.17 lakh shares and mutual fund units worth Tk 16.84 crore in turnover.