Selling spree pulls stocks down
Stocks finished the week lower, as investors went on a selling spree, especially large and small cap company stocks.
DSEX, the benchmark index of the premier bourse, declined 29.6 points or 0.66 percent, finishing the day at 4,446.28 points.
LankaBangla Securities said the market retreated on the last trading day of the week, after moving indecisively in the last few days.
Company specific updates locked traders' interest on certain stocks, the stockbroker said. Earnings declarations of major large cap stocks dragged down the benchmark index to a one week low, it added.
IDLC Investments, a merchant bank, in its regular analysis also said the selling spree in mini cap and large cap stocks dragged the index down.
Turnover, another important indicator of the market, declined 14.8 percent to Tk 370.74 crore, with 11.17 crore shares and mutual fund units changing hands on the DSE.
Of the traded issues, 113 advanced and 148 declined with 47 securities closing unchanged on the premier bourse.
Summit Power topped the turnover chart with 44.29 lakh shares worth Tk 17.75 crore changing hands, followed by AFC Agro Biotech, Alltex Industries, LankaBangla Finance and Aman Feed.
Among the major sectors, fuel and power declined 1.29 percent in market capitalisation, followed by non-bank financial institutions that fell 0.72 percent, banks 0.58 percent and cement 0.14 percent.
Conversely, textiles increased 0.65 percent in market capitalisation.
Miracle Industries was the day's best performer with 7.06 percent gain, while United Commercial Bank was the worst loser, shedding 14.14 percent.
Chittagong stocks also fell yesterday with the bourse's benchmark index, CSCX, declining 66.58 points or 0.79 percent to finish the day at 8,323.06 points.
Losers beat gainers as 115 declined and 80 advanced, while 35 finished unchanged on the Chittagong Stock Exchange.
The port city bourse traded 93.87 lakh shares and mutual fund units worth Tk 26.77 crore in turnover.
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