Stocks dip for second day

Stocks declined for the second day yesterday, as investors offloaded shares to rebalance portfolios.

DSEX, the benchmark general index of the DSE, lost 16.63 points or 0.31 percent, to close at 5,292.60. The shariah index of the bourse, DSES, gained 2.36 points, or 0.19 percent, to close at 1,240.11.

Market indicators show that multinational companies and manufacturing stocks are back on track as investors eye further gains, LankaBangla Securities said.

“Sidewalk movement continued on the premier bourse and investors continued to reallocate their position, while turnover figures remained buoyant,” IDLC Investments said.

The market's selling and buying pressure settled with pharma, oil, and food and allied stocks, gaining 2.1 percent, 1.2 percent and 0.1 percent respectively.

The banking sector fell 2.2 percent, followed by telecoms 2.19 percent and non-bank financial institutions 0.07 percent.

Turnover, the most important indicator of the market, advanced 8.9 percent to Tk 1,097 crore. 

Out of the 306 issues traded on the DSE, 148 declined, 140 advanced and 18 remained unchanged.

Square Pharma was the day's most traded stock with 20.25 lakh shares worth Tk 69 crore changing hands, followed by MJL Bangladesh, Grameenphone, Beximco and Delta Life Insurance.

ACI Formulations was the highest gainer, posting a rise of 9.97 percent, while Savar Refractories was the day's worst loser, slumping 7.27 percent.

Chittagong Stock Exchange also saw a decline with its selective categories index, CSCX, losing 36.03 points, to close at 9,935.84.

Losers beat gainers by 138 to 83, with 15 issues remaining unchanged at the port city bourse that traded two crore shares and mutual fund units with turnover of Tk 67 crore.