Stocks extend losses

The key index of the Dhaka Stock Exchange (DSE) dropped for the second consecutive day yesterday as cautious investors booked profits.

The DSEX, the benchmark index of the DSE, fell 23 points, or 0.33 per cent, to close the day at 7,036. Losers took a strong lead against gainers, as out of 379 issues traded, 112 advanced, 221 declined and 46 remained unchanged.

The selling spree of the cautious investors to liquidate some positions sharply pushed the stock prices down, said International Leasing Securities Ltd in its daily market analysis.

"However, the bargain hunters were active on selective stocks over the session to pick their preferred ones at a lucrative price."

Turnover fell 1 per cent to Tk 1,231 crore.

Among the sectors, engineering, jute, travel and leisure recorded the highest price appreciation, while general insurance, information technology and financial institutions saw the highest price correction.

The investors' activity was mostly concentrated on tannery, pharmaceuticals, chemicals, and engineering sectors, said ILFS.

Fortune Shoes was the most-traded stock on the day with its shares worth Tk 253 crore transacted, followed by Beximco Ltd, Rahima Food Corporation, Bangladesh Shipping Corporation, and Orion Pharmaceuticals.

Apex Foods topped the gainers' list rising 9.96 per cent. BD Autocars, Bangladesh Monospool Paper Manufacturing, Tamijuddin Textile, and Kay & Que also rose sharply.

Bangladesh National Insurance shed the most, slipping 5 per cent followed by Green Delta Insurance, Meghna Pet Industries, Takaful Insurance, and Reliance Insurance.