Stocks tumble for second straight session
Dhaka bourse indices slipped for the second consecutive session as sale pressure from cautious investors dominated the trading on Monday.
DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), fell by 0.15% to 6,279 points compared to the previous session.
The Shariah index DSES and the blue-chip DS30 both inched down and settled at 1,370 and 2,226, respectively.
Stockbrokers said dismal corporate earnings disclosures for the latest October to December quarter amid macroeconomic uncertainties triggered investors' profit booking.
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Month-end adjustments and rebalancing in institutional portfolios also played a big role in slowing down the market momentum, they added.
According to market insiders, a big portion of investors could not transact as their shares did not have many buyers because most of their shares were stuck at floor prices.
However, participation across the bourse slightly went up as the DSE turnover inched up to Tk509 crore on Monday, from Tk489 crore on the previous day.
According to the daily market commentary of EBL Securities, the market was downbeat throughout the session as most scrips witnessed corrections.
But opportunist investors seem to be chasing some sector-specific issues that are somewhat immune to earnings volatility, the review added.
On Monday, the IT sector contributed the highest to the daily turnover, followed by pharmaceutical stocks.
Travel, paper, and general insurance faced the highest corrections, while services, fuel & power, and banking sectors posted marginal positive returns.
Out of the 391 issues traded, only 32 advanced, 135 declined, and 224 remained unchanged.
