Stocks fall for fourth day in topsy-turvy trading

Staff Correspondent | Published: 22:40, Jan 09,2018 | Updated: 00:53, Jan 10,2018

 
 

Dhaka stocks dropped again on Tuesday, stretching its losing streak to the fourth consecutive session, as investors remained sceptical amid volatile trading.
DSEX, the key index of Dhaka Stock Exchange, lost 0.19 per cent, or 11.97 points, to close at 6,210.50 points on the day.
The DSEX lost 119.72 points in the last four sessions.
The equity market went through a rough session, with few ups and downs movement as investors remained jittery in the trading floor, market operators said.
They said that investors became cautious as the market extended its sluggishness for another session that started from the beginning of the New Year.
As a result, the turnover at the DSE declined further to Tk 448.12 crore compared with that of Tk 477.55 crore in the previous session.
The repeated media news over the weakness of the countries’ financial sector made the investors concerned about the market position, stockbrokers said.
The recent move of Bangladesh Bank to force the banks’ to lower their advanced deposit ratio was another reason behind the fall and dullness of the market as investors apprehended that the move could reduce the fund flow to the capital market, they said.
As a result, an average share prices of energy, non-bank financial institutions, telecommunication and bank declined by 1.7 per cent, 0.8 per cent, 0.4 per cent and 0.3 per cent respectively on Tuesday.
Share prices of United Power Generation, Grameenphone and Investment Corporation of Bangladesh declined that also fuelled the volatility of the market, they said.
Despite all the large capitalised sectors except pharmaceuticals declined on the day, the market witnessed a marginal fall as share prices of some of the large capitalised scrips surged.
The surge in share prices of BRAC Bank, Square Pharmaceuticals, City Bank and Beximco Pharmaceuticals saved the market from significant fall, they said.
‘The capital bourse of the country observed price correction for the fourth consecutive session amid low participation from the investors,’ said EBL Securities in its daily market commentary.
‘The risk-averse investors opted for liquidating their portfolio from the beginning of the day’s session and continued till the end,’ it said.
Of the 335 companies and mutual funds traded, 154 declined, 113 advanced, and 68 remained unchanged.
DS30, the blue-chip index of the DSE, however, added 0.05 per cent, or 1.33 points, to finish at 2,262.78 points.
Shariah index DSES, dipped 0.23 per cent, 3.22 points, to close at 1,391.41 points.
Dragon Sweater led the turnover chart on the day with its shares worth Tk 19.35 crore changing hands.
United Power Generation, Paramount Textiles, BRAC Bank, Square Pharmaceuticals, Lafarge Surma, National Tubes, IFAD Autos, Alif Manufacturing Company and Grameenphone were the other turnover leaders.
Safko Spinning Mills increased most with a 5.64-per cent rise in its share prices, while United Power Generation Company was the worst loser, shedding 14.83 per cent.

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