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Stocks extended the losing streak for the fourth straight day on Thursday, with falling turnover, as risk-averse investors continued to bag profit on quick-gaining shares.
Following the previous three days’ downturn, the market opened on a positive note, and the key index rose around 30 points within the first 15 minutes of trading. But the rest of the session went down amid modest volatility as investors opted for booking profit in the trendy stocks.
The DSEX, the prime index of the Dhaka Stock Exchange (DSE), finally went down more than 35 points to settle at 6,336. The DSEX shed 111 points in the past four trading days.
Market insiders said cautious investors continued their profit taking sell on stocks, which saw significant gains in the past few trading days.
Renata continued to see price fall while the newly listed Best Holdings faced a major correction after a recent price hike.
The DSES index, which represents Shariah-based companies, saw 8.82 points to 1,382, while the DS30 Index, which consists of blue-chip companies, lost 15 points to 2,157.
The market turnover dropped to Tk 10.75 billion, which was 8.42 per cent down from Tk 11.74 billion the day before.
Losers took a strong lead over the gainers, as out of 396 issues traded, 250 saw price erosion, 92 closed higher, and 54 remained unchanged on the DSE trading floor.
Orion Infusion became the most traded share, with shares worth Tk 837 million changing hands, followed by Best Holdings, Aftab Automobiles, and Fu-Wang Ceramics.
Sikder Insurance was the day’s top gainer, posting a 9.80 per cent rise, while Vanguard AML Rupali Bank Balanced Fund was the worst loser, losing 7.35 per cent.
The Chittagong Stock Exchange also ended lower with its All Shares Price Index (CASPI)—losing 107 points to close at 18,290, and the Selective Categories Index (CSCX) shed 64 points to close at 10,950.
Of the issues traded, 158 declined, 67 advanced, and 29 issues remained unchanged on the CSE.
The port city bourse traded 7.11 million shares and mutual fund units with a turnover value of Tk 255 million.