Stocks sustain losing streak

Stocks in Bangladesh yesterday continued their decline while turnover stayed below the Tk 500 crore mark as investor participation remains thin.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), lost 12 points, or 0.20 per cent, to close the day at 6,201 points.

The DS30, which consists of blue-chip stocks, dropped 0.13 per cent to 2,197 points while the DSES, comprised of shariah-compliant companies, fell 0.26 per cent to 1,344 points.

Of the securities traded, 36 advanced, 88 declined and 187 did not show any price movement.

Market movement was driven by negative changes in the market cap of travel and leisure, paper and printing, and life insurance scrips amid positive changes in the market cap of tannery, food and allied, and jute scrips, according to the daily market review of Shanta Securities.

Turnover, which indicates the market's liquidity, fell by around 6 per cent to Tk 469 crore.

Beach Hatchery saw the highest gain with 9.86 per cent followed by Bangladesh Welding Electrodes with 9.69 per cent, Shyampur Sugar Mills with 7.27 per cent and Legacy Footwear with 6.89 per cent.

Major indices of the Dhaka bourse plunged as risk-averse investors went for booking quick profits on select stocks that achieved price appreciation in the last few sessions.

— International Leasing Securities

Al-Haj Textile Mills topped the list of losers by shedding more than 6.21 per cent while CAPM IBBL Islamic Mutual Fund suffered a substantial loss as well.

Apex Footwear was the most traded stock with its shares worth Tk 29 crore being transacted. Aamra Networks, Gemini Sea Food, Orion Infusion, and Genex Infosys also saw significant trade.

Stocks listed with the Chittagong Stock Exchange (CSE) also dropped.

The CASPI, the all-share price index of the port city bourse, edged down 11 points, or 0.06 per cent, to close at 18,298 points.

Of the issues traded, 22 rose, 37 retreated and 57 did not see any price movement.

However, turnover of the CSE rose 102 per cent to Tk 10 crore.

Major indices of the Dhaka bourse plunged as risk-averse investors went for booking quick profits on select stocks that achieved price appreciation in the last few sessions, International Leasing Securities said in its daily market review.

Besides, jittery investors followed a cautious stance amid volatile trading and sluggish turnover.

The market had witnessed heavy selling pressure from the opening session, causing it to fall gradually, the brokerage added. Investors had liquidated their investments in the IT, paper, travel, and life insurance sectors, which had achieved a short-term upsurge during the last few sessions.

All the sectors witnessed price correction except tannery, which rose 0.4 per cent.

The investors' attention was mostly centred on the food (15.9 per cent), IT (14.4 per cent) and tannery (9.9 per cent) sectors.