Stocks fall for second day

Stock markets in Bangladesh extended their losing streak yesterday as skittish investors were on a selling spree to make short-term profits amid the sharp fluctuation of the share prices.

A Dhaka-based investor noticed the shift and pointed out how the market rose sharply for four days straight after the interim government was formed, and then fell similarly.

"Hence, investors like me are selling shares to make short-term gains," he said.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), dropped 64.32 points, or 1.08 percent, from the previous day to close at 5,867.96 points.

The DSEX, the benchmark index of the Dhaka Stock Exchange, dropped 64.32 points, or 1.08 percent, from the previous day to close at 5,867.96 points

Similarly, the DSES, the index that represents the shariah-compliant firms, slumped 15.45 points, or 1.21 percent to 1,255.36 and the DS30 that consists of the blue-chip companies, slipped 19.50 points, or 0.90 percent to 2,134.04.

Turnover, which indicates the total value of the shares traded at the country's premier bourse, declined 11.20 percent to Tk 1,015 crore.

The banking sector dominated the turnover chart, covering 22.90 percent of the day's total market turnover.

Block trades, a high-volume transaction in a security that is privately negotiated and executed outside of the open market, represented 4.7 percent of the overall market turnover.

BRAC Bank was the most traded share with a turnover of Tk 53.9 crore.

Of the issues that changed hands at the DSE, 106 advanced, 269 declined and 24 were unchanged.

"All the large-cap sectors performed negatively yesterday, with engineering suffering the biggest loss at 2.81 percent," said BRAC EPS Stock Brokerage in its daily market update.

The non-banking financial institutions logged a loss of 2.26 percent followed by food and allied (1.89 percent), fuel and power (1.34 percent), bank (1.24 percent), pharmaceuticals (0.93 percent), and telecommunication (0.86 percent).

National Life Insurance Company took the pole position on the gainers' list with a rise of 10 percent.

Pragati Life Insurance gained 9.99 percent, closely followed by Islamic Finance and Investment (9.77 percent), Mozaffar Hossain Spinning Mills (9.68 percent), and Saihan Cotton Mills (9.43 percent).

Fareast Islami Life Insurance Company, Heidelberg Materials Bangladesh, Prime Islami Life Insurance and SK Trims and Industries were also on the gainers' chart.

Islami Bank Bangladesh shed the most, losing 5.60 percent.

Bangladesh Steel Re-rolling Mills fell 5.51 percent followed by Jamuna Bank, Unilever Consumer Care, Northern Jute Manufacturing Company, and ACI Ltd.

Apex Tannery, Jamuna Oil Company, Singer Bangladesh, Walton Hi-Tech Industries, and Sonali Paper and Board Mills were also on the losers' chart.

Yesterday's market movement was driven by negative changes in the market cap of travel and leisure, paper and printing, and bank scrips while life insurance, cement, and jute scrips were positive, according to the daily market update by Shanta Securities.

The Chittagong Stock Exchange also witnessed a similar downward trend as its all-share price index, the main index of the port city bourse, edged down by 148.06 points, or 0.86 percent, to settle the day at 17,009.48 points.