Stocks fall for sixth day

Dhaka Stock Exchange, DSEX,
The new building of the Dhaka Stock Exchange in the capital's Nikunja is seen. Photo: Star

Stocks on both Dhaka and Chattogram bourses fell for the sixth consecutive day today as investors were largely inactive for a confidence crisis.

Dhaka Stock Exchange

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), dropped 27 points, or 0.44 per cent, to 6,198.

The DS30, the blue-chip index, was down 0.29 per cent to 2,193 while the DSES, the index that represents shariah-based companies, fell 0.59 per cent to 1,363.

Among the companies traded, nine advanced, 73 declined and 203 remained the same on the DSE.

Turnover, an important indicator of the market, rose 3 per cent to Tk 333 crore.

"The Dhaka stocks continued bleeding and extended the losing streak for the sixth consecutive session as risk-averse investors opted for liquidating their position to escape from further losses on their portfolios," said International Leasing Securities Ltd in its daily market analysis.

Investors have become worried as economic uncertainty continues.

Besides, the finance ministry has proposed to lower the GDP growth rate target to 6.5 per cent from the previous 7 per cent for the current fiscal year, which began on July 1.

Among the sectors, travel fell 2.1 per cent, jute was down 8.3 per cent, paper declined 3.4 per cent, and IT fell 3 per cent.

Investors' activity was mostly centred on pharmaceuticals, which accounted for 19.8 per cent of the day's turnover, ceramic, representing 11.7 per cent, and engineering, making up 10.2 per cent of the turnover.

Islami Commercial Insurance posted the highest appreciation, rising 10 per cent. Sea Pearl Beach Resort & Spa surged 6 per cent.

Jute Spinners suffered the sharpest fall, sliding 8.72 per cent. Northern Insurance dropped 8.71 per cent, Kohinoor Chemicals declined 8.4 per cent, Intraco Refueling Station gave up 8.3 per cent, and Bangladesh Monospool Paper Manufacturing slid 8 per cent.

Monno Ceramic Industries was the most-traded stock on the day with its shares worth Tk 37 crore transacted. Orion Pharma, Sea Pearl Beach Resort & Spa, Monno Agro & General Machinery also saw significant transactions.

Chittagong Stock Exchange

The Caspi, the all-share price index of the Chittagong Stock Exchange (CSE), fell 75 points, or 0.41 per cent, to end the day at 18,308.

Of the issues transacted, only seven gained, 52 retreated, and 82 did not show any price movement.

Turnover at the port city bourse fell 21.28 per cent to Tk 6.62 crore from Tk 8.41 crore a day earlier.