Stocks drop for eighth day

Stocks in Bangladesh fell for the eighth straight trading day yesterday, triggering further panic among investors.  

The DSEX, the benchmark index of the country's premier bourse, lost 12 points or 0.19 per cent to close at 6,126, the lowest since June 29 last year. It shed 240 points over the past eight sessions.

The Dhaka stocks witnessed buying pressure in the morning which did not sustain at the end of the day, said International Leasing Securities in its daily market review.

The selling spree of risk-averse investors continued focusing sector-specific issues amidst growing macroeconomic worries, it said.

Uncertainty is still growing with the deepening of the energy crisis, rising inflation and forex market volatility, it added.

Among the sectors, paper rose 1.9 per cent, cement 1 per cent and telecommunication 0.6 per cent whereas ceramics and life insurance dropped by 1.7 per cent and 1.2 per cent respectively.

Investors' activities were mainly focused on the textile sector, which accounted for 17.5 per cent of the day's turnover, followed by engineering (10.1 per cent) and pharmaceuticals (8.8 per cent).

Turnover, another key indicator of the market, fell to Tk 676 crore, up nearly 2 per cent from that a day ago.

Of the securities traded on the day, 115 advanced, 219 fell and 47 remained unchanged.

Both DS30, the blue-chip index, and DSES, the Shariah-based index, lost 5 points and 1 point respectively.

S Alam Cold Rolled Steels topped the gainers' list, rising 9.90 per cent. Prime Textile Spinning Mills, Bangladesh Industrial Finance Company, New Line Clothings, and Fareast Finance and Investment also rose significantly.

Asia Pacific General Insurance Company shed the most, 2 per cent. Eastern Lubricants, National Life Insurance Company, Eastern Cables, and Paper Processing & Packaging were also in the list of those suffering the highest losses.

The Sonali Paper and Board Mills became the stock to be traded the most, with shares worth Tk 40 crore changing hands, followed by Robi Axiata, Beximco, KDS Accessories, and the Titas Gas Transmission and Distribution Company.

Chittagong Stock Exchange (CSE) also witnessed erosions yesterday., The Caspi, the all-share price index of the port city bourse, plunged 62 points, or 0.34 per cent, to 17,968.

At the CSE, 75 stocks advanced, 159 fell and 42 remained unchanged.