Stocks begin week on negative note

FE Online Report | Published: July 15, 2018 19:47:14 | Updated: July 17, 2018 12:47:27

Stocks extended losses for the second straight session on Sunday as investors continued on selling shares.

However, daily trade turnover exceeded Tk 9.0 billion-mark and stood at Tk 9.55 billion on the country’s premier bourse once again against Tk 8.52 billion in the previous day.

Market insiders said the investors were on selling spree, especially financial institution, telecommunication and banking sector stocks.

The market started on positive note and the key index of the prime bourse rose more than 20 points within first 25 minutes of trading. Rest of the session went down steadily.

At the end of the session DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 22.15 points or 0.41 per cent to settle at 5,336.

“The negative change in the index is mainly driven by significant negative movement in financial stocks and telecom stocks,” commented LankaBangla Securities.

The non-bank financial institutions sector saw the highest correction of 1.50 per cent, followed by telecom with 1.40 per cent and banking 1.30 per cent.

Two other indices also ended lower with the DS30 index, comprising blue chips, losing 11.62 points to settle at 1,895 and the DSE Shariah Index lost 1.51 points to close at 1,265.

Of the total 339 issues traded on the DSE trading floor, 207 declined, 109 advanced and 23 issues remained unchanged.

BBS Cables topped the DSE turnover leaders with 4.72 million shares worth Tk 449 million changing hands.

The other turnover leaders were United Power, SK Trims & Industries, Doreen Power and Singer Bangladesh.

Legacy Footwear was the day’s best performer, posting a gain of 9.98 per cent while Modern Dyeing was the worst loser, losing 8.47 per cent.

The port city bourse CSE also ended lower with its CSE All Share Price Index – CASPI – shedding 61 points to settle at 16,452 and the Selective Categories Index - CSCX – losing 38 points to finish at 9,955.

Here too, losers beat gainers as 144 issues closed lower, 94 ended higher, with 15 issues remained unchanged on the CSE.

The port city bourse traded 13.60 million shares and mutual fund units worth more than Tk 495 million in turnover.


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