Sell-offs hit stocks

Stocks fell yesterday breaking a two-day gaining streak thanks to a selling spree influenced by foreign investors.

In the first half of this month, foreign investors sold shares worth Tk 294 crore and purchased shares of Tk 174 crore, according to DSE data.

The sell-offs caused the DSEX—the benchmark index of the premier bourse—to lose 281 points or 4.93 percent in May alone.

Yesterday, the DSEX fell 39.39 points or 0.72 percent before finishing the day at 5,417.42.

The Dhaka bourse observed a notable price correction as market volatility prompted the spooked investors to go for sell-offs to eschew further losses, EBL Securities said in a review.

Turnover, another important indicator of the market, experienced a 3 percent fall to hit Tk 431.65 crore, with 11.36 crore shares and mutual fund units changing hands on the DSE.

Of the traded issues, 70 advanced, 224 declined with 43 securities closing unchanged on the premier bourse.

Intraco Refueling Stations dominated the turnover chart with 46.39 lakh shares worth Tk 25.68 crore changing hands, followed by Al-Arafah Islami Bank, Brac Bank, United Power Generation and Miracle Industries.

The financial institutions sector declined 2.26 percent, followed by the fuel and power 1.86 percent, engineering 1.85 percent and pharmaceuticals 0.88 percent.

No sector gained yesterday.

Queen South Textile was the day's best performer with a 7.64 percent gain followed by Legacy Footwear, Trust Bank and Dhaka Insurance.

Shyampur Sugar was the worst loser, shedding 9.52 percent, followed by Imam Button, Zeal Bangla Sugar Mills and Takaful Islami Insurance.

Chittagong stocks also fell yesterday with the bourse's benchmark index—CSCX—declining 54.05 points or 0.53 percent to finish the day at 10,132.41.

Losers beat gainers as 49 advanced, 154 declined and 20 finished unchanged on the Chittagong Stock Exchange.

The port city bourse traded 71.29 lakh shares and mutual fund units worth Tk 22.70 crore.