Stocks lose over 2pc in 13 sessions, with eyes on budget for momentum

The Dhaka bourse's broad index fell 2.15 per cent over 13 sessions alongside declining turnover.

Investors, lacking momentum for long-term positions, remain cautious - a sluggish trend expected to persist until the national budget is unveiled on June 11.

Market operators said there is no good news from the macroeconomy for now. Except for the upcoming budget, there is no event that can trigger fresh investments in the equity market.

"It's very natural that the market will exhibit such a sluggish trend amid no indication that can inspire long-term positions," said Md Ashequr Rahman, managing director of Midway Securities.

The DSEX, the broad index of the Dhaka Stock Exchange (DSE), closed at 5,203 points on Monday with a marginal loss of 0.44 per cent or 23.07 points.

A market review by EBL Securities said the benchmark index extended its downward trajectory as broad-based selling pressure persisted throughout the session.

"The prevailing post-record-date adjustments of particular banking scrips further weighed on the market's broader cautious sentiment," said EBL Securities.

According to DSE information, the stock price of BRAC Bank declined 12.45 per cent on Monday following the adjustment for a 15 per cent stock dividend for 2025.

In fact, the market has exhibited volatility since April 29, the day the DSEX closed at 5,317 points.

Since then the DSE conducted 13 sessions, and the broad DSEX lost a total of 114 points until Monday.

Except for a session that posted a turnover of Tk 11.01 billion on May 12, turnover values remained below Tk 9 billion in the majority of the sessions since April 29.

A block trade of BRAC Bank shares worth more than Tk 45.30 million boosted the turnover value on May 12.

Mr Rahman said the turnover values observed in recent sessions were impressive in the context of the overall macroeconomic scenario.

Of the 392 issues traded on Monday, 83 advanced, 255 declined and 54 remained unchanged, while turnover stood at Tk 7.26 billion, down 16.40 per cent from the previous session.

On Monday, investor participation was mostly concentrated in the general insurance sector, which grabbed 18.9 per cent of market turnover.

Following the mixed performance of blue-chip stocks, the DS30 index declined 0.10 per cent or 2.16 points.

Of the 30 blue-chip companies, 14 declined, including BRAC Bank, Beximco Pharmaceuticals and City Bank.

The list of the day's top index draggers included market leaders such as Walton Hi-Tech Industries, Beximco Pharmaceuticals and Renata.

On the other hand, British American Tobacco Bangladesh was the top index puller, contributing 1.1 points to the broad index.

Continental Insurance was the top gainer with an appreciation of 7.93 per cent, while Apex Spinning was the worst loser after declining 6.48 per cent on Monday.

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