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3 months ago

Stocks end lower amid selling pressure

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Stocks ended lower on Thursday as anxious investors sought to liquidate their positions to prevent further capital losses.

The prime index of the Dhaka Stock Exchange (DSE) fell by 55.20 points, closing at 5,114.60.

The market faced persistent selling pressure throughout the day, with investors eager to minimize losses amid a lack of significant positive catalysts, rising policy rates, and ongoing political uncertainties, according to EBL Securities.

The blue-chip index, DS30, which tracks 30 prominent companies, decreased by 13.60 points to 1,879.17, while the DSES Index, representing Shariah-based companies, fell by 18.64 points to 1,144.

The market remained sell-dominant throughout the session, as unnerved investors opted to liquidate their holdings to avoid further capital erosion in the absence of any major trigger for the market to bounce back from its current bearish state.

Moreover, media reports about the anticipated BDT 30 billion sovereign-guaranteed loan to ICB, intended to bolster its position and facilitate liquidity in the stock market, also failed to serve as a positive catalyst to restore market momentum, according to EBL securities.

Turnover, a crucial market indicator, stood at Tk 3.06 billion, down 4.96 per cent from the previous trading day.

Out of 395 issues traded, 83 closed higher, 272 ended lower, and 40 remained unchanged on the DSE trading floor.

Grameenphone was the most-traded stock, with shares worth Tk 175.02 million changing hands, followed by Pubali Bank, Taufika Foods, Lovello Ice Cream PLC, NRB Bank PLC, and Agni Systems.

Similarly, the Chittagong Stock Exchange (CSE) also ended lower, with its All Share Price Index (CASPI) declining by 200 points to settle at 14,303, while the Selective Categories Index (CSCX) lost 125 points, closing at 8,706.

The port city bourse traded 1.99 million shares and mutual fund units, with a turnover volume of Tk 41.59 million.

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