DSEX drops for fourth consecutive session as investors offload large-cap shares
Concerns over a challenging economic environment and ongoing political uncertainty are driving the downturn, according to industry insiders
Dhaka stocks have extended their losing streak for a fourth consecutive session as investors continue to offload shares, particularly in large-cap stocks.
Concerns over a challenging economic environment and ongoing political uncertainty are driving the downturn, according to industry insiders.
On Tuesday (10 November), the benchmark DSEX index decreased by 0.15 points, closing at 5,167, according to data released on the DSE website.
The DSE Shariah Index increased by 0.42 points to 1,155, and the DS30 index decreased by 0.43 points to 1,904.
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Turnover at the DSE increased by 37.27%, reaching Tk383 crore from Tk279 crore compared to the previous session. Among the 405 stocks traded, 185 gained, 147 declined, and 73 remained unchanged.
The indices opened positively and maintained an upward trend for most of the session.
However, just a few minutes before the market closed, the momentum turned negative, causing the indices to end in the red.
Key stocks contributing to the decline included Grameenphone, British American Tobacco Bangladesh Company, Islami Bank Bangladesh, Robi Axiata, Square Pharmaceuticals, City Bank, Alif Industries, National Bank, and Jamuna Bank Ltd.
Saiham Textile Mills placed in the top gainer list followed by Saiham Cotton Mills, Takaful Islami Insurance, Paramount Insurance, Mozaffar Hossain Spinning Mills, and Crystal Insurance Company Limited.
Alif Industries placed first on the list of top loser companies, followed by Emerald Oil Industries, Orion Infusion, Khan Brothers PP Woven Bag Industries, Taufika Foods and Lovello Ice Cream, Rupali Life Insurance Company, and Sinobangla Industries Ltd.
In its daily market commentary, EBL Securities noted that the prime index of the Dhaka bourse ended on a flat note following a short-lived positive momentum till the mid-session as sellers regained control due to the weakened strength of the market trend.
The market saw mixed reactions as the session began with an upbeat momentum as bargain hunters opted to take positions in the beaten-down issues, but risk-averse investors' subsequent cautious selling approach amidst an uncertain market momentum eroded the early session optimism, according to the commentary.
On the sectoral front, the Textile sector recorded the highest turnover 17.9%, followed by Pharma 16.2% and Bank 11.4% sectors.
Most sectors exhibited mixed performance today. The top losers were paper 0.9%, IT 0.8%, and Life Insurance 0.7%, while the top gainers were Jute 3.0%, General Insurance 2.1%, and Mutual Fund 0.9%.
The port city bourse, CSE, also ended the day in negative territory. The Selected Indices (CSCX) declined by 16.1 points, while the All Share Price Index (CASPI) fell by 31.8 points.
The turnover of the CSE stood at Tk6.97 crore end of the session on Tuesday.
