Stocks turn red again

Stocks in Bangladesh resumed a downward trend yesterday following a one-day break from a five-day losing streak while turnover of the Dhaka Stock Exchange (DSE) plunged to a two-and-a-half month low.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), dropped 47 points, or 0.75 per cent, to end the day at 6,344 points.

Turnover of the DSE slid by more than 19 per cent to Tk 788 crore while it was Tk 975 crore on the previous trading day.

Yesterday's turnover was the lowest since August 14 this year, when it was Tk 644 crore.

The DS30, the index that consists of blue-chip companies, edged down 0.67 per cent to 2,262 while the DSES, the shariah-complaint index, shed 0.58 per cent to hit 1,398.

The country's premier bourse passed another downward session as the shaky investors continued their selling binge in major sectors, International Leasing Securities said in its daily market review.

The market opened on a positive note but could not sustain it after the mid-session and went downward till the end as investors preferred to hold cash on hand fearing future uncertainty as the macroeconomic crisis is worsening.

As such, investors significantly decreased their participation in the market and that was reflected in the turnover, it added.

At the DSE, 17 securities advanced, 119 declined, and 223 remained the same.

All the sectors witnessed price corrections except travel, which rose 1.2 per cent. Jute dropped 6.2 per cent, services fell 4.7 per cent and miscellaneous lost 2.7 per cent.

The investors' focus was mainly on the pharmaceutical (23.5 per cent), miscellaneous (13.9 per cent) and engineering (12.6 per cent) sectors.

Navana Pharmaceuticals topped the gainers' list by advancing 10 per cent while Sea Pearl Beach Resort & Spa, Orion Infusion, Sonali Paper & Board Mills, and Intraco CNG also featured.

BDCOM Online suffered the highest correction, sliding almost 10 per cent. Samorita Hospital, Bangladesh Building Systems, Indo-Bangla Pharmaceuticals, and JMI Hospital each dropped more than 9 per cent.

The Caspi, the all-share price index of the Chattogram Stock Exchange, decreased by 80 points, or 0.42 per cent, to end at 18,719.

Of the issues that traded at the port city bourse, 22 advanced, 75 declined, and 131 did not show any price movement.