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Stocks returned to the red territory on Tuesday as investors went to the selling binge amid lower than expected earnings disclosure of some listed companies.
Brokers said the market backed to the red zone as many listed companies quarterly earnings data failed to meet the investors’ expectation while some analysing the announced monetary policy statement.
“The index returned to the downturn as the largest market cap Grameenphone (GP) and second largest market cap Square Pharmaceuticals share prices closed lower,” said an analyst, at a leading brokerage firm, seeking anonymity.
Meanwhile, Bangladesh Bank (BB) on Monday announced its new monetary policy for January-June period with a target to tighten the money supply and curb excessive lending.
The market was in a territory for the first hour of trading, DSEX crossing the 6,200-mark, but failed to maintain the upturn as the session progressed, finally ended more than 48 points lower.
DSEX, benchmark index of Dhaka Stock Exchange (DSE), settled at 6,127, losing 48.64 points or 0.78 per cent over the previous session.
Two other indices of the premier bourse also ended lower. The DS30 index, comprising blue chips, fell nearly 27 points or 1.17 per cent to finish at 2,267 and DSES (Shariah) shed nearly 11 points or 0.76 per cent to close at 1,414.
Bearish sentiment also reflected on the trading activities as total turnover on the DSE amounting to Tk 3.99 billion, which was 4.0 per cent lower than the previous day’s Tk 4.13 billion.
The losers took a strong lead over the gainers as out of 337 issues traded, 201 closed lower, 96 higher and 40 remained unchanged on the DSE trading floor.
Grameenphone topped the DSE turnover chart with shares worth Tk 293 million changing hands, followed by City Bank, Monno Ceramic Industries, Nahee Aluminum and BF Finance.
Port city bourse CSE also returned to lower with its CSE All Share Price Index – CAPSI- losing 89 points to settle at 18,955 and selective Categories Index - CSCX – falling 52 points to finish at 11,450.
Here too, the losers beat the gainers as 128 issues closed lower, 66 ended higher and 39 remained unchanged on the CSE.
The port city bourse traded 6.43 million shares and mutual fund units worth nearly Tk 322 million in turnover.