DSEX falls below 6,200-mark again
The major index dropped to 6,190 by 12pm and the bargain hunters, to bag some oversold scrips partially, pulled the index back to 6,196 during the closing bell
Stocks logged consecutive declines for the third straight session on Tuesday owing to the cautious investors' selling pressure to book profits from the recently rallied stocks.
DSEX, the major index of the Dhaka Stock Exchange (DSE), hit below the psychological mark of 6,200 for the first time in April.
The major index dropped to 6,190 by 12 noon and the bargain hunters, to bag some oversold scrips partially, pulled the index back to 6,196 during the closing bell.
The volatile session ended with a 0.8% drop for the DSEX while the blue-chip index DS30 ended 0.07% lower.
Keep updated, follow The Business Standard's Google news channel
Only 34 of the DSE scrips managed to stay afloat while 78 declined.
The weakness was mainly due to investors' preference to "remain watchful ahead of the upcoming corporate earnings announcements," said EBL Securities Research in its daily market commentary.
"Moreover, the uncertain market momentum owing to the macroeconomic concerns has shaken investor confidence, resulting in a decreased flow of funds in the market," it added.
Meanwhile, the Dhaka bourse observed a decrease in participation as total turnover fell by 5.7% to Tk443 crore.
On the sectoral front, food and allied, IT and life insurance contributed to the highest 19.1%, 17.3% and 8.9% of the DSE turnover respectively.
Most of the sectors displayed negative returns, out of which jute, IT and travel sectors' market capitalisation declined by 1.3%, 0.9% and 0.7% respectively.
On the other hand, the market capitalisation of the life insurance and service sectors increased by 2% and 0.9% respectively after the recent correction.
Prime Islami Life, Pragati Life, Midland Bank, Bengal Windsor Thermoplastics, Meghna Life, Rupali Life, Eastern Housing, Fareast Life, Hwa Well Textile, and Sun Life Insurance led the gainers with a 2%-10% gain.
On the other hand, top losers were dominated by the stocks that started corrections after big rallies, for instance, Al-Haj Textile, Legacy Footwear, Gemini SeaFood, Samata Leather, BD Autocar, etc.
