Stocks drop for fifth day

Stocks in Bangladesh yesterday took a dive for the fifth consecutive trading session while turnover once again plunged below the Tk 350-crore mark amid lower investor participation.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), dropped 12 points, or 0.20 per cent, to close the day at 6,226 points.

Similarly, the DS30, comprised of blue-chip companies, fell 0.10 per cent to 2,199 points while the DSES, an index which represents shariah-compliant companies, slipped 0.25 per cent to 1,363 points.

Meanwhile, turnover, an important indicator of the market's liquidity, plummeted 29 per cent to Tk 322 crore compared to Tk 456 crore the previous day.

Among the companies to witness trade, 14 advanced, 66 declined and 235 remained the same.

The market had opened on an upbeat note that lingered for a while but ultimately started fading away after a half-hour of trade, International Leasing Securities said in its daily review.

Pessimistic investors continued their selling spree due to a confidence crisis, pulling down the market indices in the process. Besides, turnover was lower as more than 200 stocks are stuck at their floor prices, it added.

Among the sectors, travel, life insurance and ceramics rose by 0.5 per cent, 0.3 per cent and 0.2 per cent respectively while jute and tannery fell by 5.5 per cent and 1.3 per cent respectively.

Islami Commercial Insurance posted the highest price appreciation, rising 9.59 per cent, while Stylecraft Ltd surged 6.19 per cent. Among the gainers, Bangladesh Autocars, GQ Ball Pen, and Aziz Pipes each rose by more than 3 per cent.

Orion Infusion suffered the sharpest fall, sliding 7.4 per cent. Intraco Refueling Station dropped 7.1 per cent, Jute Spinners slipped down 6.4 per cent, Eastern Cables eroded 6 per cent, and Northern Insurance fell 5.3 per cent.

Monno Ceramic Industries was the most traded stock on the day with shares worth Tk 25 crore being transacted. Intraco Refueling Station, Genex Infosys, Bashundhara Paper Mills and Advent Pharmaceuticals also saw significant transactions.

The Caspi, the all-share price index of the Chittagong Stock Exchange, fell 20 points, or 0.10 per cent, to end the day at 18,383 points.

Of the securities traded, 12 advanced, 44 declined, and 76 did not show any price movement.