Stocks suffer steep losses

Shares on the Dhaka Stock Exchange faced another day of steep losses yesterday, which rendered the recovery in the previous three trading sessions short-lived.

The DSEX, the benchmark index of the premier bourse, gave up 61.41 points, or 0.87 per cent, to end the day at 7,000. This broke the three-day winning streak.

The market opened with a higher note on the first day of the week. But heavy sale pressure wiped out more than 61 points from the key index, according to the daily market analysis of International Leasing Securities Ltd.

"Many stocks plunged, triggered by the profit-booking by retail investors in the well-performing and large-cap companies."

Among the sectors, textiles, paper, and services achieved price appreciation, while food, fuel and power and cement sectors witnessed price correction in the day's session.

Turnover, an important indicator of the market, fell 5.04 per cent to Tk 1,637 crore compared to the previous session.

Safko Spinnings Mills shares posted the highest gain on the day, rising 20.80 per cent. Gemini Sea Food advanced 12.52 per cent.

Other top gainers were Aman Feed, Hamid Fabrics, Sonargaon Textiles, New Line Clothings, Desh Garments, Intraco Refueling Station, Queen South Textile Mills, and Kohinoor Chemicals.

Aramit Cement declined the most, at 23.01 per cent. National Feed Mill dropped 15.77 per cent, Pacific Denims 12.5 per cent, GBB Power 10.9 per cent, and Monno Fabrics 10.24 per cent.

Zahintex, Asia Insurance, Shasha Denims, Union Capital, and Confidence Cement were also among the major losers.

Losers outnumbered winners on the DSE, with 226 companies lost, 122 gained, and 27 were unchanged.

Shares on the Chattogram Stock Exchange also dropped. The broader CASPI index dipped 148 points, or 0.72 per cent, to end the day at 20,480.

Of the 299 issues traded, 101 advanced, 174 declined, and 24 were unchanged.