Stocks continue to slide

Stocks continued to decline, maintaining the trend from the end of last week, with the key index hitting an-almost-one-month low, as investors went for a selling spree.

DSEX, the benchmark index of the Dhaka Stock Exchange, fell 61.76 points or 1.36 percent, finishing the first day of the week at 4,453.36 points.

It was a day of impromptu sales with an abrupt fall in the key index and the selling pressure intensified in the bank, fuel and power and pharma stocks, said LankaBangla Securities.

“Investors continued to remain on the sidelines until getting any clear market direction,” the stockbroker said.The investors anticipated a downward trend and tried to get out of the market because of the absence of any speculative motive ahead in the near future, said IDLC Investments. Investors sold off their holdings fearing a downward trend ahead.

The day's turnover, another important indicator of the market, fell 21.7 percent to Tk 353.02 crore on the transactions of 10.27 crore shares and mutual fund units.

Of the traded issues, 66 advanced and 218 declined, with 28 securities unchanged on the premier bourse.

Grameenphone dominated the turnover chart with 6.58 lakh shares worth Tk 22.17 crore changing hands, followed by United Air, Beximco, Khulna Power Company and Square Pharma.

Among the major sectors, telecoms gained 0.48 percent in market capitalisation, while cement lost 2.23 percent, followed by pharma 1.74 percent, bank 1.12 percent, fuel and power 0.97 percent and textile 0.81 percent.

Dacca Dyeing and Manufacturing was the day's best performer, advancing 9.75 percent, while Asia Insurance was the worst loser, slumping 14.64 percent.