Stocks continue bleeding

Stocks continued to suffer massively for the consecutive second session yesterday as institutional investors remained inactive amid a liquidity crunch in the banking sector.

DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), declined 52.08 points, or 0.97 percent, finishing the day at 5,289.99.

In the last two trading sessions, the index fell 104.9 points after soaring 219.44 points, or 4.20 percent, in the previous three consecutive days.

The head of portfolio management of an asset management company—requesting anonymity—said he wanted to buy stocks although he had not much fund in hand.

But he backtracked from his decision after having discussions with the treasury heads of some banks yesterday.

The official said the idle money of the banking sector comes to the stock market normally. “But banks’ liquidity is not in a good position.”

Turnover, another important indicator of the market, also dropped 7.2 percent to Tk 433.50 crore, with 12.14 crore shares and mutual fund units changing hands on the DSE floor.

Of the traded issues, 57 advanced, 262 declined while 28 closed unchanged on the premier bourse.

Fortune Shoes dominated the turnover chart with the transaction of 83.92 lakh shares worth Tk 32.36 crore, followed by Power Grid, Bangladesh Shipping Corporation, Esquire Knit and Monno Ceramic.

Monno Ceramic was the day’s best performer as its share price soared 6.65 percent, while Eastern Bank was the worst loser, crashing 15.66 percent. Chattogram stocks also fell yesterday with the bourse’s benchmark index, CSCX, declining 99.51 points, or 1 percent, to finish the day at 9,825.86.

Losers beat gainers as 161 declined, 47 advanced while 18 finished unchanged on the Chittagong Stock Exchange.

The port city bourse traded 76.92 lakh shares and mutual fund units worth Tk 26.49 crore.