Stocks fall to 10-month low

The key index of Dhaka Stock Exchange tumbled to a ten and a half months low yesterday, as stocks suffered for the fourth consecutive session.

DSEX, the benchmark index of the premier bourse, declined 14.55 points or 0.33 percent, finishing the first day of the week at 4,355.93 points. The index closed at 4,315.99 points on May 17 last year.

LankaBangla Securities said stocks showed another lackluster session, which indicates that investors were still gathering up courage to expand holdings in stocks following the spike in the recent market jitters.

“Stocks extended losses because of mixed economic data,” the stockbroker said.

Turnover, another important indicator of the market, dropped 15.65 percent to Tk 278.11 crore, the lowest since December 13 last year, when the turnover stood at Tk 274.16 crore.

“Market turnover saw a sharp decline amid a lack of resilience,” LankaBangla said in its regular analysis.

IDLC Investments, a merchant bank, said the correction phase in the market extended further with a slump in trading activities.

Some 9.41 crore shares and mutual fund units changed hands on the DSE. Of the traded issues, 106 advanced, 165 declined and 48 closed unchanged on the premier bourse.

Keya Cosmetics dominated the turnover chart with 82.61 lakh shares worth Tk 12.6 crore changing hands, followed by Emerald Oil Industries, BSRM, Dragon Sweater and Spinning, and Golden Harvest Agro Industries.

Among the major sectors, non-banking financial institutions suffered the most, declining 0.99 percent in market capitalisation, followed by mutual funds that fell 0.89 percent, cement 0.8 percent, banks 0.72 percent, textile 0.71 percent and fuel and power 0.52 percent.

Conversely, the food and allied sector rose 0.91 percent in market capitalisation, followed by life insurance that increased 0.76 percent, general insurance 0.55 percent and pharmaceuticals 0.25 percent.

Ibn Sina was the day's best performer with 9.98 percent in gains, while Southeast Bank was the worst loser, shedding 9.52 percent.

Chittagong stocks also fell yesterday with the bourse's benchmark index, CSCX, declining 43.35 points or 0.52 percent to finish the day at 8,138.75 points.

Losers beat gainers as 133 declined, 61 advanced and 39 finished unchanged on the Chittagong Stock Exchange. The port city bourse traded 73.14 lakh shares and mutual fund units worth Tk 17.87 crore in turnover.