Stocks bleed as investors seek to avoid losses

Stocks in Bangladesh continued bleeding yesterday with only 4 per cent of the listed companies seeing any growth in share value as most investors sold their stake to prevent further losses amid the market's current losing streak.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), shed 9 points, or 0.14 per cent, to close the day at 6,218 points.

Only the DS30, which represents blue-chip stocks, edged up 0.01 per cent to 2,221 points while the DSES, an index comprised of shariah-compliant companies, declined 0.17 per cent to 1,359 points.

Of the securities traded, 14 advanced, 142 fell and 141 did not show any price movement.

Daily turnover, which indicates how much trade took place in the session, rose 14.6 per cent to Tk 326 crore.

Stocks listed with the Dhaka bourse extended their losing streak due to the ongoing confidence crisis among investors, International Leasing Securities said in its daily market review.

Stocks listed with the Dhaka bourse extended their losing streak due to the ongoing confidence crisis among investors, International Leasing Securities said in its daily market review

Risk-averse investors opted for liquidating their position to escape further losses in their portfolios. Following the previous session, the market opened with a downward movement as it observed some sale pressure till mid-session.

Later, bargain hunters tried to reverse the downward trend but failed with stocks from all major sectors experiencing notable selling pressure, it added.

All the sectors witnessed price correction except tannery, which rose 0.2 per cent, while the IT sector dropped 2.4 per cent, paper fell 2.3 per cent and jute declined 1 per cent.

Investor activity was mainly focused on the IT sector, capturing 18 per cent of the day's total turnover, followed by miscellaneous with 11 per cent and pharmaceuticals with 10.1 per cent.

The ICB AMCL CMSF Golden Jubilee Mutual Fund topped the gainers list with an increase of 9.76 per cent.

Meanwhile, Emerald Oil was up 4.8 per cent, Al-Arafah Islami bank advanced 2.5 per cent, Bangladesh Lamps rose 2.39 per cent, and Anlima Yarn Dyeing gained 1.3 per cent.

Bangladesh General Insurance topped the list of losers by shedding 9.78 per cent while Pragati Life Insurance, Genex Infosys, IT Consultants, and Metro Spinning Mills suffered substantial losses as well.

Genex Infosys was the most traded stock with shares worth Tk 38 crore being transacted. Bangladesh Shipping Corporation, Sea Pearl Cox's Bazar Beach Resort, Shinepukur Ceramics, and Olympic Industries also saw significant turnover.

Elsewhere in the port city, stocks listed with the Chittagong Stock Exchange (CSE) witnessed a similar decline.

The Caspi, the all-share price index of the CSE, lost 23 points, or 0.12 per cent, to close at 18,360 points.

Of the issues traded, 10 advanced, 52 retreated and 40 did not see any price movement.

Turnover at the port city bourse increased 56 per cent to Tk 2.83 crore.