Stocks fall for 3rd day as sell-offs continue

Staff Correspondent | Published at 12:05am on September 04, 2018

Dhaka stocks slid for the third consecutive session on Monday as investors continued selling financial scrips and focusing their attention on energy stocks.
DSEX, the key index of Dhaka Stock Exchange, shed 0.18 per cent, or 10.21 points, to close at 5,590.42 points on Monday, the first trading day in this week. The trading at the bourse remained closed on Sunday due to a public holiday.
The DSEX lost 29 points in last three sessions.
The market began Monday on a positive note but could not hold the vibe for long and ended up in the negative trajectory as investors continued selling shares, especially the financial stocks, market operators said.
The share prices of almost two-thirds of the traded scrips fell on the day while the financial sectors led the dive with 1.58 per cent fall in the share prices of banks and 1.34 per cent decline in the share prices of non-bank financial institutions.
Out of the 30 traded banks, 27 declined, just one advanced, and two remained unchanged, while out of the 23 traded NBFIs, 18 dropped, two advanced, and three remained unchanged.
The share prices of the textile sector dropped by 0.38 per cent as investors went for selling the textile shares for profits after their recent gains.
However, the market witnessed a marginal fall as some of the sector-specific large capitalised companies increased on the day.
The share prices of energy, food, pharmaceuticals and telecommunication sectors gained on Monday that saved the market from further fall.
‘The downward shift in the index was mainly driven by significant negative changes in the financial stocks. Except banks and miscellaneous, all the large cap sectors showed negative movements,’ said LankaBangla Securities in its daily market commentary.
‘The capital bourse of the country witnessed mild correction on Monday as some investors inclined to execute late-hours profit booking,’ said EBL Securities in its daily market commentary.
The turnover on the DSE also dropped to Tk 707.89 crore on Monday compared with that of Tk 722.37 crore in the previous trading session.
Of the 335 companies and mutual funds traded, 205 declined, 88 advanced, and 41 remained unchanged.
DS30, the blue-chip index of the DSE, also shed 0.05 per cent, or 1.04 points, to close at 1,959.66 points.
Shariah index DSES, however, added 0.37 per cent, or 4.77 points, to finish at 1,274.38 points.
Khulna Power Company led the turnover chart with its shares worth Tk 65.43 crore changing hands.
United Power Generation Company, BBS Cables, Unique Hotel, Aman Feed, Dragon Sweater, Summit Power, IPDC Finance, Saiham Textile Mills and National Housing and Finance Services were the other turnover leaders.
Bangladesh Submarine Cable Company gained the most on the day with a 9.91-per cent increase in its share prices, while Jute Spinners was the worst loser, shedding 9.96 per cent.