Stocks fall for third straight session

Stock market indices continued to decline for the third consecutive day on Tuesday as cautious investors booked profits from stocks that rallied recently.

Some investors are staying on the sidelines ahead of the upcoming earnings declaration of some companies for fiscal year 2021-22, say analysts.

On Tuesday, DSEX, the benchmark index of the Dhaka Stock Exchange (DSE) fell 22 points to settle at 6,489, and the blue-chip DS30 index dropped 15 points to settle at 2,316.

Turnover at the Dhaka bourse increased 15% to Tk1,494 crore on the day, compared to the previous trading session.

"The current contraction in the global economy and macroeconomic adversities in the country have prompted investors to partially realise their gains from recently rallied stocks, as concerns loomed over a bleak outlook for the upcoming corporate declarations," EBL Securities wrote in its daily market commentary.

Of the 337 stocks traded, 60 advanced, 136 declined, and 174 remained unchanged on the DSE trading floor.

On the sectoral front, pharmaceutical and chemical stocks contributed the highest 16.6% to the total turnover, followed by miscellaneous and services stocks contributing 15.8% and 9.2% respectively.

Most of the sectors showed negative returns, with jute having the highest price correction of 1.9%, followed by cement and miscellaneous declining 1.2% each.

The services sector posted the highest positive return of 4.1%, travel gained 2.9%, and IT 1.6% on Tuesday.

Index Agro was the day's best stock, gaining 9.54%, followed by Aziz Pipes that gained 9.27%, and Mir Akhter Hossain gaining 9.02%.

Jute Spinners topped the losers' table as it fell 6.99%, followed by Pragati Life Insurance losing 4.7%, and Monno Agro & General Machinery that lost 4.25%.

The Chittagong Stock Exchange also fell. The All Share Price Index (CASPI) declined 18 points and settled at 19163 on Tuesday.