Stocks extend losses as DSE slips below 5,500 points
Market turnover dropped by 5.9% to Tk732cr
Dhaka stocks started the week on a downbeat note as persistent profit-booking pressure dragged key indices lower today.
Investor caution and widespread sell-offs across major scrips weighed heavily on the market, pushing the benchmark DSEX index of the Dhaka Stock Exchange (DSE) down by 55 points, or 1%, to settle at 5,468.
The blue-chip DS30 index followed the same trend, plunging 22 points, or 1.02%, to close at 2,129.
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Out of 398 traded issues, 275 declined, 67 advanced and 56 remained unchanged, reflecting the bearish mood across the trading floor.
Market turnover dropped by 5.9% to Tk732 crore, compared to Tk780 crore in the previous session, highlighting subdued investor participation. The day's losses also wiped out Tk2,300 crore from the market capitalisation.
According to EBL Securities, the market momentum remained weak from the opening session as cautious investors opted to stay on the sidelines, awaiting fresh triggers before making new commitments.
"The bourse faced persistent profit-booking pressure as investors turned cautious amid volatile market momentum," the brokerage said in its daily review.
Large-cap stocks including BRAC Bank, Beximco Pharma, City Bank, Social Islami Bank, and Robi were among the key index draggers.
Sector-wise, engineering issues accounted for the highest turnover at 15% of the total, followed by pharmaceuticals with 13.6% and textiles with 9.7%.
Robi, Acme Pesticides, Khan Brothers PP Woven Bag, Dominage Steel and Summit Alliance Port topped the turnover chart, indicating selective investor activity even in a cautious trading environment.
All major sectors closed in the red, with life insurance leading the corrections at 3.4%, followed by IT and travel, both down by 3.3%. The widespread sectoral losses reinforced the cautious tone dominating the market.
Despite the broader market correction, some stocks managed to shine. S Alam Cold Rolled Steels gained 9.67%, Deshbandhu Polymer advanced 9.58%, Acme Pesticides rose 8.14%, Hami added 7.92% and Shyampur Sugar increased 7.43%.
On the other hand, Social Islami Bank tumbled 9.25%, Dominage Steel lost 9.04%, Monno Fabrics shed 8.73%, Global Islami Bank declined 8.69% and Information Services Network fell 8.44%, emerging as the top losers of the day.
The bearish trend was mirrored on the port city bourse as well. The Chittagong Stock Exchange's CSCX index dropped 103 points to close at 9,424, while the CASPI index shed 158 points to end at 15,360. Turnover at the CSE stood at Tk12 crore.
Market analysts noted that without new catalysts to boost confidence, trading is likely to remain volatile in the near term, with bargain-hunting emerging selectively in beaten-down scrips.
