Fall of Islami Bank, Square Pharma, GP drags down Dhaka stocks

The fall of large-cap stocks including Islami Bank Bangladesh, Square Pharmaceuticals and Grameenphone dragged down the index of the Dhaka Stock Exchange (DSE) today.

On the day, the benchmark index DSEX of the Dhaka bourse fell by 26 points and ended at 5,328, while the blue-chip index, DS30, slipped by 9 points to settle at 1,976.

During the session, 150 issues advanced, while 185 declined and 48 remained unchanged.

According to EBL Securities' daily market review, the large-cap companies Islami Bank Bangladesh, Square Pharma, Grameenphone and BRAC Bank contributed 20 points together to the index fall.

Market analysts say in line with the previous session the Dhaka bourse started the day on a positive note, driven by buying interest in selective stocks that posted strong financial results in the first quarter.

By 1pm, DSEX was in green territory. However, late-session selling pressure reversed the trend, pulling the market into the red by the day's close, they added.

EBL Securities said the capital bourse of the country started the week on a gloomy note as profit-booking sale pressure remained prevalent across the trading floor, while cautious investors also reshuffled their portfolios in response to ongoing corporate earnings declarations for the recently ended quarter.

Investors remained active on both sides of the trading fence, while sellers ended up on the dominant side by the end of the session, it added.

Market turnover also decreased by 12% to Tk506 crore compared to the previous session since investors preferred to remain watchful of the market's momentum surrounding the earnings declaration season, EBL Securities said.

Fareast Knitting and Dyeing led the turnover chart, with shares worth Tk20.34 crore changing hands.

Other notable performers included Bangladesh Shipping Corporation, Sunlife Insurance and Beximco Pharma.

Style Craft emerged as the day's top gainer, while Western Marine Shipyard was the worst performer.