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Stocks keep losing amid low confidence

FE Online Report | Published: April 24, 2019 17:00:42 | Updated: April 25, 2019 12:30:50


Stocks extended the losing streak for the second day in a row on Wednesday, as worried investors continued their selling binge on sector-wise shares.

Market analysts said dearth of quality stocks, lack of investors’ confidence and shortage of liquidity for the erosion in stock prices.

The finance minister’s latest remarks on capital market made investors frustrated.

The market opened on negative note and turned positive in the mid-session. But, the index failed to sustain in the positive zone amid selling pressure.

At the end of the session, DSEX, the prime index of the Dhaka Stock Exchange (DSE), settled at 5,240, losing 20.49 points or 0.38 per cent over the previous day.

Two other indices also ended lower. The DS30 index, comprising blue chips, fell 4.60 points to finish at 1,868 and the DSE Shariah Index lost 4.26 points to close at 1,211.

Turnover, another important indicator of the market, however, rose to Tk 3.32 billion, which was 11 per cent higher than the previous day’s Tk 2.98 billion.

A total number of 94,294 trades were executed in the day’s trading session with trading volume of 76.92 million securities.

The market capitalisation of the DSE also fell to Tk 3,892 billion on Wednesday, from Tk 3,918 billion in the previous day.

The losers took a strong lead over the gainers as out of 346 issues traded, 203 declined, 104 advanced and 39 issues remained unchanged on the DSE trading floor.

United Power topped the turnover chart with shares worth Tk 236 million changing hands.

The other turnover leaders were National Tubes, Monno Ceramic, Fortunes Shoes and Bangladesh Submarine Cable Company.

Fine Foods was the day’s best performer, posting a gain of 9.90 per cent while Premier Bank was the worst loser, losing 18.46 per cent following its price adjustment after record date.

The port city bourse CSE also ended lower with its CSE All Share Price Index – CASPI –shedding 77 points to settle at 16,044 and the Selective Categories Index - CSCX –losing 45 points to finish at 9,708.

 

Here too, the losers beat gainers, as 148 issues closed lower, 64 ended higher and 23 remained unchanged on the CSE.

The port city bourse traded 4.22 million shares and mutual fund units worth nearly Tk 137 million in turnover.

 

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