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Stocks extend losing streak for second session

| Updated: November 29, 2017 15:53:05

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Stocks extended the losing streak for the second running session on Tuesday, with key index of the major bourse dipping below 6,300-mark, as cautious investors continued their profit booking mood.

Market insiders said profit booking tendency pulled stocks down further as the market was bullish trend in recent weeks and index hit record high.

The market started with an upward trend and the key index of the prime bourse rose nearly 26 points within first 30 minutes of trading, but rest of the session went down steadily, finally ended nearly 30 points lower.

DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), which replaced the DGEN in nearly five years back, went down by 29.88 points or 0.47 per cent to settle at 6,272.

The two other indices -- the DS30 index and the DSE Shariah Index (DSES) – also followed the suit to close at 2,255 and 1,381 points, after shedding 12.42 points and 5.67 points respectively.

The stockbroker noted that shaky investors booked profit on telecom, fuel & power and bank sector stocks following recent Turnover, an important indicator of the market, also fell more than 12 per cent to Tk 8.13 billion, from previous session’s Tk 9.29 billion.

The losers took a modest lead over the gainers as out of 332 issues traded, 162 closed lower, 133 closed higher and 37 remained unchanged on the DSE trading floor.

United Power Generation & Distribution Company topped the turnover chart with 1.61 million shares of nearly Tk 295 million changing hands, followed by Standard Bank, AB Bank, Golden Harvest Agro Industries and CMC Kamal.

Tosrifa Industries was the day’s best performer, posting a gain of 8.57 per cent while RD Food was the day’s worst loser, plunging by 7.57 per cent.

The port city bourse Chittagong Stock Exchange (CSE) also closed in the red with CSE All Shares Price Index (CAPSI) of port city bourse, losing 92 points to close at 19,415.

 The Selective Categories Index - CSCX – also fell more than 58 points to finish at 11,745.

Losers beat gainers as 140 issues closed lower, 85 closed higher and 26 remained unchanged on the CSE.

The port city bourse traded 15.16 million shares and mutual fund units worth more than Tk 454 million in turnover.

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