Stocks drop amid confidence crisis

Stocks on the Dhaka bourse continued bleeding and extended the losing streak to the second straight session amid a confidence crisis among investors.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), lost 18 points, or 0.29 per cent, to 6,213.

The DS30, the blue-chip index, decreased 0.11 per cent to 2,215, while the DSES, the shariah-compliant index, went down 0.1 per cent to 1,353.

Turnover, a key indicator of the market, rose 7.8 per cent to Tk 607 crore.

Of the securities, 21 advanced, 110 declined and 175 did not show any price movement.

Olympic Industries made the highest gain with an increase of 6.3 per cent.

Al-Haj Textile Mills, Padma Islami Life Insurance, Chartered Life Insurance Company, and ADN Telecom were among the top gainers. Metro Spinning was the highest loser, shedding 9.9 per cent.

Bangladesh General Insurance Company, Union Capital, Monno Agro & General Machinery, and Sena Kalyan Insurance Company were also on the list of the significant losers. Meghna Life Insurance was the most-traded stock with its issues worth Tk 50 crore changing hands.

Olympic Industries, Rupali Life Insurance Company, ADN Telecom, and Aamra Networks also registered significant turnover.

Meanwhile, Caspi, the all-share price index of the Chittagong Stock Exchange, fell 40 points, or 0.22 per cent, to close at 18,349.

Of the issues, 14 rose, 50 retreated and 106 did not see any price swings. However, the turnover of the port city bourse dropped more than 8.5 per cent to Tk 6.4 crore.