Dhaka stocks extend losing streak for three days in a row
Key indices at the premier bourse extended a losing streak for the third consecutive day as the cautious investors went for a sell-off to avoid further uncertainty at the trading floor.
The prime index DSEX lost 17 points to settle at 6058 at the Dhaka Stock Exchange yesterday with the blue-chip DS30 plummeting by 8 points to 2076 and Shariah index DSES dipping 2 points to 1323.
On Sunday, a technical glitch caused a major disruption to the DSE transactions, sending a wave of panic among the investors and heavily impacting the turnover.
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The daily turnover at the country's premier bourse plunged by 32% on that day after being heavily impacted by a software problem.
A day after, the turnover increased by 57.59% to Tk754.15 crore from Tk478.25 crore.
"The benchmark index of the Dhaka bourse extended its losing streak for three consecutive sessions as wary investors continued to offload their holdings to protect their funds," EBL Securities wrote in its daily market commentary.
It said the prolonged downbeat has deepened the uncertainty further across the trading floor.
The market witnessed day-long volatility while sellers continued their dominance as they opt for reducing their exposure amid concerns regarding the market momentum, the brokerage house explained.
Of the total scrips traded yesterday, 174 advanced, 163 declined and 59 remained unchanged.
Bangladesh Building Systems, Taufika Foods was the top gainer followed by Associated Oxygen and S.S. Steel.
On the other hand, NCCBL Mutual Fund-1, Fu-Wang Ceramic, and HR Textile were the top three losers.
The top three most traded stocks were Fu-Wang Ceramic, Taufika Foods and Lovello Ice-cream.
Food sector stocks contributed the highest 18.6% to the day's turnover, followed by pharma with 16.3% and engineering adding 14.3%.
Most of the sectors displayed mixed returns with ceramic sector witnessing the most correction of 1.5%, food 1.4%, and general insurance 1.3%.
Jute sector demonstrated the most returns of 1.6% followed by tannery's 1.1%, and travel's 0.9%.
The port city bourse CSE also settled in the red terrain. The selected indices CSCX and All Share Price Index CASPI declined by 23.0 points and 40.0 points, respectively.
