Stocks edge down as cautious investors watch new government take oath
The benchmark DSEX of the Dhaka Stock Exchange (DSE) fell 18 points to settle at 5,570. The blue-chip DS30 index also declined by 9 points to close at 2,126. Market breadth remained negative, as 238 issues declined against 131 advances, while 27 remained unchanged.
Stocks extended their losing streak for a second straight session today (17 February), with key indices edging lower as investors adopted a cautious stance following the swearing-in of the new government.
The benchmark DSEX of the Dhaka Stock Exchange (DSE) fell 18 points to settle at 5,570. The blue-chip DS30 index also declined by 9 points to close at 2,126. Market breadth remained negative, as 238 issues declined against 131 advances, while 27 remained unchanged.
Turnover at the premier bourse slightly decreased to Tk1,222 crore compared to the previous session, indicating subdued participation.
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Market insiders said investors remained watchful of the evolving political landscape after the new government took oath today, prompting many to lock in recent gains rather than take fresh positions.
Analysts expect investors to remain cautious in the near term as they assess policy signals from the new administration.
In its daily market review, EBL Securities Limited noted that profit-booking sentiment gripped the market for the second consecutive session, with investors choosing to realise gains from the recent election-driven rally and remain cautious amid the evolving political situation.
The market experienced see-saw trading throughout the session, reflecting a tug-of-war between buyers and sellers. Opportunistic investors continued to accumulate momentum-driven stocks, taking advantage of the prevailing risk-averse sentiment. However, late-session profit-taking, particularly in major large-cap scrips, ultimately dragged the indices into negative territory.
Among the most traded stocks were Square Pharma, ACI, City Bank, Dhaka Bank and BRAC Bank, reflecting active participation in heavyweight and banking sector counters.
On the gaining side, Shurwid Industries rose 9.83%, followed by AB Bank, BIFC, BD Welding and Tung Hai Knitting.
Meanwhile, Bay Leasing topped the losers' chart with a 9.25% decline, followed by Phoenix Finance, Midas Finance, Hamid Fabrics and AB Bank First Mutual Fund.
