Stocks continue losing streak

Stocks declined after a morning rise yesterday. The downslide continued for a second day as investors feared that the government might eventually fail to take action against market manipulators.
The benchmark general index of Dhaka Stock Exchange lost 28 points, or 0.45 percent, to close at 6,318 points. The DSE index lost 39 points on the previous day.
The selective categories index of Chittagong Stock Exchange declined 46 points, or 0.40 percent, to 11,418 points.
The market started off in a bullish mood gaining more than 50 points but the bearish trend took hold as the session progressed.
Investors took a conservative view as most outcomes of the probe report are still pending, said Lankabangla Securities in its daily market analysis.
The Securities and Exchange Commission yesterday approved the 'trust deed' and 'investment management' agreements of the Tk 5,000 crore Bangladesh Fund.
Most of the major sectors such as non-bank financial institutions lost 1.19 percent, pharmaceuticals lost 0.20 percent, while banks gained 1.19 percent, fuel and power gained 0.08 percent.
Of the total 258 issues traded on the DSE floor, 154 declined, 100 advanced and four remained unchanged.
Turnover on the DSE stood at Tk 715 crore, down by Tk 28.48 crore from the previous day of trading.
Malek Spinning Mills topped the turnover leaders with 34.73 lakh shares worth Tk 25.18 crore traded.
The other turnover leaders were Aftab Automobiles, Beximco, Aims First Mutual Fund, Titas Gas, DESCO, RN Spinning Mills, BSRM Steels, Bextex and Meghna Life Insurance.
ICB Employees Provident Mutual Fund was the biggest gainer of the day, posting a 8.06 percent rise in its share prices, while the Reckitt Benckiser was the worst loser, slumping by 12.53 percent.
However, share trading of Anlima Yarn and Modern Dyeing and Screen Printing has been halted by the DSE for unusual price hike of shares, while that of the Legacy Footwear, Dulamia Cotton Spinning Mills, ALLTEX Industries, ALLTEX Industries has been suspended by the DSE pending investigation.
The DSE gave the green light to Salvo Chemical Industry to be listed on the bourses, while the DSE is yet to take any decision to list the MI Cement.
Ahasanul Islam, senior vice-president of DSE, said the share price of MI Cement is overpriced; as a result, the DSE is yet to give the green light to the company.