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Stocks returned to the red on Sunday, snapping a two-day winning streak, as overall market confidence is yet to rebound since there is no major trigger for the market to bounce back.
Following the previous two days’ gains, the market opened higher, and the key index rose more than 45 points after the first 80 minutes of trading. But failed to sustain the momentum and selling pressure from selective large-cap stocks.
DSEX, the prime index of the Dhaka Stock Exchange, finally went down by more than 40 points, or 0.68 per cent, to settle at 5,901, after gaining 127 points in the past two trading days.
The price fall of Robi Axiata, Walton, Beacon Pharma, Best Holdings, AB bank and Brac Bank dragged the market index down.
Stock recovery signs failed to sustain as prolonged bearish trend frustrated general investors, said a leading broker.
Overall market confidence is yet to rebound since there is no major trigger for the market to bounce back from the prolonged bearish sentiment, he added.
Two other indices also ended lower with the DSE 30 Index, comprising blue chips, shed more than 6 points to finish at 2,051, and the DSE Shariah Index (DSES) lost 8.0 points to 1,285.
Turnover, a crucial indicator of the market, also dropped to Tk 5.80 billion on the country’s premier bourse, falling by 5.0 per cent over the previous day’s mark of Tk 6.10 billion.
More than 76 per cent traded issues saw price corrections, as out of 397 issues traded, 304 closed lower, 65 lower and 28 remained unchanged on the DSE trading floor.
The newly listed Asiatic Laboratories became the most traded shares, with shares worth Tk 330 million changing hands, followed by Best Holdings, Fu-Wang Ceramic, Golden Son and Central Pharma.
Asiatic Laboratories was also the day’s top gainer, posting a 9.96 per cent rise while AB Bank was the worst loser, shedding 7.92 per cent.
The Chittagong Stock Exchange also back in the red with its All Shares Price Index (CASPI) losing 65 points to 16,872 and the Selective Categories Index (CSCX) shedding 38 points to 10,130.