Stocks fall for third consecutive session as market momentum slows
Published :
Updated :
For all latest news, follow The Financial Express Google News channel.
Stocks ended lower on Monday as cautious investors refrained from taking positions in equities, given the market’s waning momentum.
The DSEX, the prime index of the Dhaka Stock Exchange (DSE), dropped by 14.85 points to close at 5,166.98.
Most investors remained cautious about the market’s trend due to ongoing uncertainties surrounding economic and political tensions.
The capital market of the country extended its downbeat vibe for three consecutive sessions as cautious investors shy away from taking positions in equities considering the market’s waning momentum, according to EBL Securities.
The blue-chip index, DS30, which tracks 30 major companies, fell by 4.58 points to 1,904, while the DSES Index, representing Shariah-compliant companies, declined by 2.66 points to 1,154.11 by the close.
Turnover, a key market indicator, stood at Tk 2.79 billion, down 5 per cent from the previous trading day.
The market remained downbeat for the majority of today’s session, apart from the short-lived upbeat momentum at the opening, as cautious investors’ continuing sell dominance spurred worries regarding the market’s outlook, added EBL Securities.
A majority of stocks saw price declines. Out of the 395 issues traded, 126 ended higher, 179 lower, and 90 remained unchanged on the DSE trading floor.
Dragon Sweater and Spinning Limited was the most-traded stock, with shares worth Tk 115 million changing hands, followed by NRB Bank, Asiatic Laboratories Limited, Orion Infusion, and Genex Infosys.
On the sectoral front, the Textile sector (15.6 per cent) led in turnover, followed by Pharma (14.7 per cent) and Bank (13.7 per cent) sectors.
Most sectors posted negative returns, with Paper (-1.2 per cent), IT (-0.6 per cent), and Mutual Fund (-0.5 per cent) showing the largest declines. However, the Services (0.9 per cent), Jute (0.2 per cent), and Telecom (0.2 per cent) sectors saw marginal gains.
The Chittagong Stock Exchange (CSE) also ended lower, with its All Share Price Index (CASPI) dropping by 66.93 points to 14,471.6, and the Selective Categories Index (CSCX) falling by 44.35 points to 8,802.
The port city bourse traded 3.56 million shares and mutual fund units, with a turnover of Tk 62.58 million.