Stocks extend losing streak as turnover falls to Tk338cr
The Dhaka Stock Exchange (DSE) has extended its losing streak for five consecutive sessions amid selling pressure on shares.
DSEX, the benchmark index of the DSE, dropped by 26 points, falling below 5,200 today.
Since 26 February, the market has been on a downward trend due to share sell-offs, although some low-value stocks saw significant price increases despite having no operational factories.
Given the unusual price hikes, the Bangladesh Securities and Exchange Commission (BSEC) has directed the DSE to conduct an investigation and submit a report within 30 working days.
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At the end of the session, the index stood at 5,194 points, while turnover fell by 11% to Tk338.56 crore.
Meanwhile, due to heavy selling pressure, 67%, or 267 stocks, traded at the bourse saw a decline in their share prices, while 65 stocks advanced and 64% of stocks remained unchanged.
The blue-chip index, DS30, also declined, shedding 8.94 points to close at 1,889.
EBL Securities, in its daily market commentary, said that the capital market succumbed to dominant selling pressure, as cautious investors preferred to stay on the sidelines due to weakened market momentum and sluggish trading activity surrounding the Ramadan season.
"The indices observed a downtrend throughout the session, as sellers dominated the market, causing most scrips to slide into the red for consecutive sessions," the report added.
On the sectoral front, stocks in the pharmaceutical and chemical sectors accounted for the highest turnover at 16.8%, followed by textile at 16.5%, and banking at 11.9%.
Most sectors showed dismal returns, with paper, tannery, and textile sectors facing the greatest corrections, while ceramics and miscellaneous sectors posted marginal gains.
National Tea Company topped the gainer list, with its share price soaring 9.97% to Tk192.9, followed by Indo-Bangla Pharmaceuticals, which rose 9.52% to Tk11.5, and First Finance, up 9.09% to Tk3.6.
Sonargaon Textile topped the loser list, with its share price declining by 7.96% to Tk47.5, followed by S Alam Cold Rolled Steels, down 7.04% to Tk21.1, and Bata Shoes, down 6.57% to Tk793.2.
However, S Alam Cold Rolled shares have almost doubled in recent trading days.
The port city bourse, CSE, also witnessed a negative session. The Selective Categories' Index (CSCX) and the All Share Price Index (CASPI) declined by 51.3 points and 82.8 points, respectively.
