Stocks continue bleeding

Stocks continued to decline for the third day in a row as investors remained confused about the market's future direction.

DSEX, the benchmark general index of the Dhaka Stock Exchange, closed at 4,917, after shedding 46 points or 0.93 percent.

DSES, the shariah index of the premier bourse, lost 10 points or 0.87 percent, to finish the day at 1,156 points.

News related to soaring default loans in the banking industry kept investors rethinking about making further investments, said IDLC Investments.

Overall investor sentiment remained bearish although some mid- and large-cap stocks registered favourable earnings in the latest quarter, LankaBangla Securities said in its regular analysis.

Turnover, the most important indicator of the market, also declined 8 percent to Tk 691 crore, compared to the previous day.

Losers took a strong lead over the gainers with 200 to 68 as 36 remained unchanged out of the 304 issues that traded on the Dhaka bourse.

A total of 1.31 lakh trades were executed with 13.35 crore shares and mutual fund units changing hands on the premier bourse.

Among the major sectors: IT declined 3.5 percent, followed by service and real-estate 2.9 percent and cement 2.4 percent.

Shahjibazar Power Company was the most traded stock of the day with 17.68 lakh shares worth Tk 54.75 crore changing hands, followed by Western Marine Shipyard, Jamuna Oil, Desco and Titas Gas. 

Jmi Syringes and Medical Devices was the highest gainer of the day, posting a 9.95 percent rise, while Agni Systems was the worst loser, plunging by 13.37 percent.

Chittagong Stock Exchange also declined yesterday with its selective categories index, CSCX, shedding 70 points to close at 9,290.

Of the 225 issues that traded on the CSE, 122 declined, 48 advanced and 25 remained unchanged with 1.05 crore shares and mutual fund units changing hands with Tk 44.70 crore in turnover.