Stocks slide for third day

Stocks continued to fall for a third day amid choppy trading.

DSEX, the benchmark index of the Dhaka Stock Exchange, fell 7.48 points or 0.16 percent, before closing at 4,503.98 points.

The market has not shown any sign of reversal yet, said LankaBangla Securities. “Investors have not exhibited much exuberance as market direction remained unclear,” it said.

The consecutive, choppy trading sessions made the investors cautious and prompted them to cash in on stocks, the stockbroker added.

IDLC Investments said investors kept their focus on strategies, trying to locate undervalued investment opportunities throughout the market.

Turnover, an important indicator of the market, however rose 23.4 percent to stand at Tk 380.51 crore at the end of yesterday's trade.

Of the traded issues, 112 advanced and 144 declined, with 55 securities unchanged on the premier bourse.

Titas Gas dominated the turnover chart with 24.65 lakh shares worth Tk 17.16 crore changing hands, followed by United Air, Beximco Pharma, Beximco and Khulna Power Company.

Among the major sectors, the food and allied sector rose 0.72 percent in market capitalisation, followed by non-bank financial institutions that increased 0.49 percent and fuel and power 0.34 percent.

Conversely, banks lost 0.42 percent, followed by cement 0.4 percent and telecom 0.38 percent.

Hakkani Pulp and Paper was the day's best performer, advancing 10 percent, while Modern Dyeing and Screen Printing was the worst loser, slumping 8.78 percent.

Chittagong stocks rose yesterday with the bourse's benchmark index, gaining 20.7 points to stand at 8,476.5.