Bourses extend losses amid cautious trading
The market displayed a declining trend till the mid-session of trade, but exhibited an upward push as the investors showed buying appetite during the later hours
Stocks extended its downbeat yesterday after facing losses on Tuesday, as risk averse investors went on a selling frenzy to escape further losses.
The prime index of the Dhaka Stock Exchange – DSEX – slid 14 points or 0.3 percent to close the day at 4,466 points.
The DSES, the Shariah-based index, slipped 2 points or 0.2 percent to stand at 1,029 points, while DS30, the blue-chip index, shed 7 points or 0.5 percent to settle at 1,519 points.
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On the port city bourse, Caspi – the benchmark index – witnessed a loss of 63 points or 0.5 percent to close at 13,580 points.
The market displayed a declining trend till the mid-session of trade, but exhibited an upward push as the investors showed buying appetite during the later hours.
Most of the investors maintained a cautious stance yesterday, after witnessing the downbeat session on Tuesday, according to the Daily Market Review of EBL Securities Ltd.
The investors remained skeptical mostly for falling export earnings and sluggish private sector's credit growth, which may plunge the corporate earnings further, added the review.
Turnover, one of the key indicators of the market, stood at Tk420.6 crore yesterday, 7 percent down from Tk453.9 crore in the previous session.
Pharmaceutical stocks contributed the highest, 16.8 percent, to the total turnover value, followed by engineering stocks adding 16.4 percent, and textile stocks adding 11.5 percent.
Most of the sectors ended in the negative territory yesterday, with cement exhibiting the highest price correction of 2.4 percent, followed by telecom eroding 2 percent price.
On the other hand, jute experienced the highest price appreciation of 4.7 percent.
The price correction in the telecom sector was explained by the 2 percent decline in the largest stock by capital, Grameenphone's share price.
The company's CEO has recently announced that Grameenphone would not be able to provide new connections after two weeks due to restrictions imposed by BTRC, according to the Daily Market Review of UCB Capital Management Ltd.
Thus, the ongoing tussle between the telecom giant and the regulator has led the share price of Grameenphone to a beating.
Among the other large-cap sectors, pharmaceuticals gained 0.7 percent, whereas financial stocks lost 1.6 percent, and banks lost 0.3 percent price in the sector return board.
Lafarge Holcim Bangladesh Ltd continued to be the most traded stock with a turnover value of Tk26.8 crore, closing the day at Tk46 per share. The stock was followed by Golden Harvest Agro Industries Ltd with a turnover value of Tk12.7 crore, closing at Tk17.9 per share.
The Apex Spinning and Knitting Mills Ltd topped the gainers' table, advancing 9.9 percent, closing at Tk96.2 per share, while the Bangladesh Industrial Fin Co Ltd was the day's worst loser after shedding 8.3 percent and closing at Tk2.2 per share, said the DSE website.
Out of 356 issues traded, 104 advanced, 183 declined, and 69 remained unchanged on the DSE trading floor.
