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The Financial Express

Stocks extend losing streak with thin participation

| Updated: December 16, 2021 10:06:32


Stocks extend losing streak with thin participation

Stocks extended the losing streak on Monday, as the cautious investors continued their sell-off on sector-wise issues amid fears over the possible impact of the new coronavirus strain Omicron.

Investors followed a cautious stance as Bangladesh reported the first two cases of the new coronavirus strain on Saturday that has already spread to nearly 80 countries since its first detection in South Africa in early November.

The market started on a downward trend and the key index plunged over 65 points within the first two hours of trading. But the rest of the session recovered some early losses.

Finally, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 38.32 points or 0.55 per cent to close at 6,882.

Market analysts said the investors were struggling with a lack of confidence due to the recent tussle between the central bank and the stock market, while the maiden case of omicron infection in the country is adding worries to the investors.

Two other indices also ended lower. The DSE 30 Index, comprising blue chips, fell 18.76 points to finish at 2,585 and the DSE Shariah Index (DSES) lost 7.08 points to close at 1,460.

Turnover, a crucial indicator of the market, dropped to Tk 6.96 billion, which was 39 per cent lower than the previous day’s tally of Tk 11.48 billion.

Losers took a strong lead over the gainers, as out of 377 issues traded, 228 declined, 101 advanced and 48 remained unchanged on the DSE trading floor.

GSP Finance, which surged 6.87 per cent, was the most traded stock with shares worth Tk 488 million changing hands, followed by Beximco, ONE Bank, Saif Powertec and Sena Kalyan Insurance.

The Chittagong Stock Exchange (CSE) also ended lower with the CSE All-Share Price Index – CASPI –losing 107 points to settle at 20,158 and the Selective Categories Index – CSCX, falling 64 points to close at 12,112.

Of the issues traded, 160 declined, 83 advanced and 34 remained unchanged on the CSE.

The port city’s bourse traded 10.77 million shares and mutual fund units with a turnover value of Tk 353 million.

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