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Stocks extend losing streak for fifth straight day

FE Online Report | Published: September 03, 2019 15:45:40 | Updated: September 05, 2019 11:45:49


Stocks extended the losing streak for the fifth straight session on Tuesday as risk-averse investors continued their selling spree on large-cap stocks.

DSEX, prime index of Dhaka Stock Exchange (DSE), went down by 26.48 points or 0.52 per cent to close at 5,007.

DSEX eroded more than 171 points or 3.32 per cent in the past five straight sessions.

Market analysts said lack of investors’ confidence, telecom regulator’s strict stance towards Grameenphone, soaring non-performing loans coupled with falling foreign portfolio investment triggered further sell-offs.

Two other indices also ended lower. The DS30 index, comprising blue chips, fell 15.88 points to finish at 1,759 and the DSE Shariah Index lost 5.25 points to close at Tk 1,167.

Turnover, a crucial indicator of the market, also fell to Tk 3.94 billion, which was 11 per cent lower than the previous day’s Tk 4.43 billion.

Losers took a strong lead over the gainers as out of 339 issues traded, 169 closed lower, 109 ended higher and 61 remained unchanged on the DSE trading floor.

Monno Ceramic Industries topped the turnover chart for the third straight session with shares worth Tk 279 million changing hands, followed by Monno Jute Stafflers, Stylecraft, United Power and Grameenphone.

Desh Garment was the day’s best performer, posting a gain of 9.08 per cent while Imam Button Industries was the day’s worst loser, plunging by 9.45 per cent.

The port city’s bourse, the Chittagong Stock Exchange, also closed lower with its All Shares Price Index (CASPI) -- CASPI-- losing 109 points to close at 15,303 and the Selective Categories Index - CSCX – shedding 64 points to finish at 9,290.

Here too, losers beat the gainers as 134 issues closed lower, 70 higher and 32 remained unchanged on the CSE.

The port city bourse traded 5.61 million shares and mutual fund units worth nearly Tk 160 million in turnover.

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