Stocks still slow amid gloomy market outlook

Following a gain of just one day, stocks returned to the red yesterday with investor confidence remaining shaky over the market outlook.

DSEX, the benchmark index of Dhaka Stock Exchange, fell 17.37 points or 0.38 percent, before finishing the day at 4,513.1 points.

Although the market began with a robust gain, the scenario reversed in the second half of the trading session, said IDLC Investments.

“Impatience and uncertainty could be the main catalysts behind the current zigzag movement in the index,” the merchant bank said.

In its regular market analysis, LankaBangla Securities said the market ended in the red again amid low participation of investors.

On the economic front, the stockbroker said the country's foreign currency reserves crossed $23 billion for the second time in a month.

The low participation also pulled the day's turnover 20.5 percent down to Tk 359.72 crore with transactions of 7.54 crore shares and mutual fund units.

Losers beat gainers 151 to 108, with 45 securities unchanged on the DSE.

Almost all the major sectors declined, except pharmaceuticals and banking, whose stocks went up marginally.

Engineering took the highest hit of 2.19 percent, followed by food and allied dropping 1.42 percent, telecom 1.21 percent, fuel and power 1 percent, non-bank financial institutions 0.73 percent and cement 0.63 percent.

MJL Bangladesh continued to dominate the turnover chart with 16.65 lakh shares worth Tk 22.31 crore changing hands, followed by Square Pharma, Grameenphone, ACI and Shasha Denims.

AB Bank 1st Mutual Fund was the day's best performer, advancing by 9.09 percent, while Jute Spinners was the worst loser, slumping by 9.62 percent.

Chittagong stocks also declined yesterday with the bourse's benchmark index, CSCX, sliding 28.82 points to 8,405.5.

Losers beat gainers, as 134 scrips declined and 73 advanced, with 25 securities unchanged on the Chittagong Stock Exchange.

The port city bourse traded 69.53 lakh shares and mutual fund units, generating a turnover of Tk 26.18 crore.