DSEX slides for fourth straight session amid bearish sentiment

The Dhaka Stock Exchange (DSE) extended its losing streak for a fourth consecutive session today, as cautious investors continued booking profits.

The benchmark DSEX index fell by 57 points or 1.05% to settle at 5,351, bringing its total loss over four sessions to 185 points. The blue-chip DS30 index also dropped 31 points to close at 2,066, while the Shariah index declined by 8 points to finish at 1,162.

Turnover, however, rose by 8% to Tk760 crore, up from Tk706 crore in the previous session. Of the 401 issues traded, 109 advanced, 247 declined, and 45 remained unchanged.

Major blue-chip stocks that weighed heavily on the market included Square Pharma, BRAC Bank, Beximco Pharma, BSRM Limited, Al-Arafah Islami Bank and Islami Bank.

Over the past four sessions, the market capitalisation of the DSE fell by Tk4,400 crore to Tk7.12 lakh crore.

In its daily market review, EBL Securities noted that the country's capital bourse began the week on a downbeat note, with the benchmark index extending its losing streak to four consecutive sessions amid sustained selling pressure on major stocks.

The session started off with volatility as market strength weakened under continued profit-booking dominance across the trading board, it added.

While the indices managed to remain in afloat until mid-session as investors were active on both sides of the trading fence, mounting sell pressure on particular large-cap scrips in the latter half ultimately pushed the market into the red territory again, EBL Securities noted.

On the sectoral front, pharmaceutical stocks accounted for the highest turnover at 16.9%, followed by banks at 13.6% and textiles at 13.2%.

Bangladesh Shipping Corporation led the trading activity with shares worth Tk27.32 crore changing hands, followed by Orion Infusion at Tk22.44 crore, Malek Spinning at Tk21.34 crore, and City Bank at Tk15.73 crore.

Sectors mostly displayed negative returns, out of which general insurance, non-banking financial institutions and cement exerted the most corrections on the bourse, while jute, paper and tannery posted some gains.

Apex Tannery topped the gainers list as its share price surged to hit the day's upper circuit breaker limit of 10%, closing at Tk79.20. It was followed closely by Stylecraft with a 9.97% gain, Anwar Galvanizing with 9.95%, and Rahim Textile also rising 9.95%.

On the other hand, AIBL First Mutual Fund was the day's worst performer, with its unit price falling 9.09% to Tk5, followed by Nitol Insurance down 7.94%, Regent Textile down 7.90%, and Bay Leasing down 6.66%.

Meanwhile, the port city bourse, the Chittagong Stock Exchange (CSE), also closed lower, with the Selective Categories Index (CSCX) losing 96 points and the All Share Price Index (CASPI) shedding 156 points.