Stocks fall for four straight sessions
Stocks open in green, end in red amid late-hours selling pressure today (15 January)
The market opened on a positive note today (15 January), with most stocks initially gaining, but failed to sustain the momentum in the late hours amid selling pressure, ending the session in the red for the fourth consecutive day.
Benchmarks maintained a downward trend throughout the week, with DSEX, the broad index of the Dhaka Stock Exchange, losing 8 points yesterday. Over the week, it lost 52 points. The week began with the DSEX at 5,194 points, and by Wednesday, it stood at 5,142 points.
Despite the decline in indices, turnover at the DSE increased by 15.8% to Tk406.7 crore as market participation remained stagnant.
Keep updated, follow The Business Standard's Google news channel
EBL Securities, in its daily market commentary, stated that the benchmark index of the capital bourse failed to close in the green for four consecutive sessions while investors remained active on both sides of the trading fence due to a lack of strong positive catalysts.
"Despite the market opening on a positive note, the momentum failed to sustain after the first hour as sellers gradually strengthened their dominance across the trading floor," the commentary reads.
It also noted that although bargain hunters showed buying interest in certain scrips in anticipation of potential short-term gains, it was not enough to withstand the selling pressure, causing the benchmark index to fall further into negative territory.
On the sectoral front, pharmaceutical stocks exerted the highest turnover, contributing 18.4%, followed by textiles at 11.7% and engineering stocks at 10.9%.
Junk stock prices increase
DSE data showed that on Wednesday, while the majority of A category stocks saw a price decline, most junk stocks saw a price increase as investors were active in buying these stocks.
Out of the traded stocks, 46% witnessed a price increase, 36% saw a price decline, and the rest remained unchanged. Meanwhile, 25% of A category stocks saw price increases, 58% saw price declines, and the rest remained unchanged.
However, 55% of junk stocks in the Z category saw price increases, 22% saw price declines, and the rest remained unchanged.
FU-Wang Ceramics, a B category stock, led the top gainers chart with a 9.38% increase to Tk14 each, followed by Fu-Wang Food with a 7.63% increase to Tk14.1 each, and Shinepukur Ceramics with a 6.61% increase to Tk12.9 each.
On the other hand, Sonali Life Insurance, which is facing downgrading to the Z category, topped the loser list as its share price declined by 9.64% to Tk41.2 each, followed by Sea Pearl Beach Resorts and Spa, which is also facing downgrading to the Z category for failing to hold its annual general meeting (AGM), with a 7.76% decline to Tk29.7 each.
Khan Brothers PP Woven Bag Industry saw a 6.32% decline to Tk177.6 each.
The port city bourse, CSE, also witnessed a mixed session. The selected indices (CSCX) declined by 5.7 points, while the All Share Price Index (CASPI) increased by 4.9 points.
