Dhaka stocks close lower, snapping two-day winning streak

The key index of the Dhaka Stock Exchange dropped yesterday, snapping a two-day winning streak although turnover remained at an elevated level. 

The DSEX, the benchmark index of the top bourse in Bangladesh, lost 9 points, or 0.15 per cent, to close the day at 6,356.

The DS30, the blue-chip index, decreased 0.03 per cent to 2,198 while the DSES, the shariah-compliant index, went down 0.05 per cent to 1,382.

Turnover, a key indicator of the market, inched up 0.15 per cent to Tk 1,256 crore.

Of the securities, 71 advanced, 112 declined and 179 did not show any price movement.

The Dhaka stocks failed to sustain their upward momentum and ended in the red as investors booked profits, said International Leasing Securities Ltd in its daily market review.

The shaky investors preferred to book some quick gains on sector-specific stocks after the DSEX added 26 points in the last two sessions.

Though the market started on a positive note, it could not sustain the uptrend. Rather, it observed sales pressure from speculators, the brokerage house added.

Among the sectors, textile rose 0.4 per cent, engineering was up 0.3 per cent and fuel and power increased 0.2 per cent. The travel sector dropped 3.6 per cent, the jute sector fell 3.5 per cent, and the general insurance sector declined 2.7 per cent.

The investors' attention was mostly centred on life insurance, which accounted for 16.3 per cent of the day's turnover. The IT sector represented 13.4 per cent of the turnover and the fuel and power sector 12.7 per cent.

Bangladesh Autocars made the highest gain with an increase of 9.9 per cent.

Legacy Footwear, Lub-rref (Bangladesh), Trust Islami Life Insurance, and SK Trims & Industries were among the top gainers.

National Tea Company was the biggest loser, shedding 8.7 per cent.

Northern Jute Manufacturing, Meghna Insurance Company, Sonali Life Insurance Company, and Sea Pearl Beach Resort & Spa suffered significant losses.

Lub-rref (Bangladesh) was the most-traded stock on the day with its issues worth Tk 58 crore transacting. Meghna Life Insurance Co, Intraco Refueling Station, IT Consultants, and Rupali Life Insurance Company also saw a significant turnover.

The Caspi, the all-share price index of the Chittagong Stock Exchange, dipped 11 points, or 0.06 per cent, to close at 18,776.

Of the issues, 60 rose, 79 retreated and 93 did not see any price swing.

However, turnover on the port city bourse edged up 4.28 per cent to Tk 22.88 crore.