Stocks decline for third day
Stocks continued to decline for the third day in a row amid thin participation of investors.
DSEX, the benchmark index of Dhaka Stock Exchange, declined 28.72 points or 0.59 percent before closing the day at 4,815.63 points.
As the market kept moving sideways contrary to investors' expectations of uptrend, more sell pressure came in, IDLC Investments said.
“Fearing correction in the coming days, investors transferred their risks to safer alternatives,” the merchant bank said.
The market continued to decline amid a fall in the turnover value, said LankaBangla Securities. “Market trimmed some gains of previous week,” it said.
“Since the market struggled to sustain above the resistance level of 4,850 points, selling pressure continued to outpace the buying pressure,” the stockbroker said. Turnover, another important indicator of the market, dropped 1.9 percent to Tk 660.36 crore on transactions of 15.36 crore shares and mutual fund units.
Of the traded issues, 81 advanced and 185 declined with 54 securities closing unchanged on the premier bourse.
United Power Generation and Distribution Company dominated the turnover chart with 18.29 lakh shares worth Tk 30.28 crore changing hands, followed by Far Chemical Industries, Lafarge Surma Cement, Appollo Ispat Complex and Shahjibazar Power Company.
Among the major sectors, only cement gained, 1.25 percent, in market capitalisation.
Conversely, bank lost the highest 0.84 percent, followed by fuel and power 0.67 percent, pharma 0.48 percent and telecom 0.35 percent.
Northern Jute Manufacturing was the day's best performer, gaining 8.74 percent, while Dulamia Cotton was the worst loser with a 7.79 percent fall.
Chittagong stocks also fell yesterday with the bourse's benchmark index, CSCX, declining 52.21 points to 9,007.62.
Losers beat gainers as 170 declined and 68 advanced, while 25 finished unchanged on the Chittagong Stock Exchange. The port city bourse traded 1.31 crore shares and mutual fund units, generating a turnover of Tk 53.16 crore.
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