Stocks keep falling amid selling spree

All indexes of Dhaka and Chittagong stock exchanges fell yesterday as worried investors kept their selling spree amid disappointing quarterly earnings reported by listed companies.

Firms listed on the bourses in Bangladesh have begun publishing their earnings reports for the October-December quarter. Data from the exchanges showed that their earnings either declined compared to a year ago. Some have reported losses as well.   

As a result, the DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), lost 9 points, or 0.15 per cent, to close the day at 6,278.

The DS30, the blue-chip index, slid 0.24 per cent to 2,225 while the DSES, the shariah-compliant index, dropped 0.12 per cent to 1,370.

However, turnover, an important indicator of the market, however, rose about 4 per cent to Tk 509 crore. Of the securities, only 32 advanced, 135 declined, and 170 did not show any price movement.

Shares on the DSE remained in red for the second consecutive session as the shaky investors continued their selling binge amid the quarterly declaration of earnings, said International Leasing Securities Limited.

Turnover rose about 4 per cent to Tk 509 crore. Of the securities traded, 32 advanced, 135 declined, and 170 did not show any price movement

Following Sunday's fall, the trading began yesterday with negative a tone and this continued till the closure as investors liquidated their investment from the stocks that reported de-growth in quarterly earnings, it said.

"Bargain-hunters tried to reverse the downward trend during the mid-session but failed."

Eastern Lubricants Blenders topped the gainers' list with an increase of 6.2 per cent. Orion Infusion was up 5 per cent, Genex Infosys rose 4 per cent, Intraco Refueling Station advanced 2.7 per cent, and Bangladesh Monospool Paper Manufacturing gained 2.4 per cent.

Aamra Technologies was the worst-performing issue on the day as it lost more than 8.3 per cent. JMI Hospital Requisite Manufacturing, Pioneer Insurance Company, BD Thai Food & Beverage, and Asia Insurance also suffered substantial losses.

Genex Infosys was the most-traded stock on the day with its shares worth Tk 59 crore transacted. Bashundhara Paper Mills, Aamra Networks, Eastern Housing, and Intraco Refueling Station witnessed significant turnover.

Among the sectors, service was up 0.5 per cent. The travel sector was down 1.9 per cent, the paper sector shed 1.4 per cent, and the general insurance declined 1.4 per cent.

Investors' activities were mainly focused on the IT sector, accounting for 25.4 per cent of the day's total turnover. The pharmaceuticals sector captured 9.6 per cent and the paper represented 9.3 per cent of the turnover.

The Caspi, the all-share price index of the Chittagong Stock Exchange, dropped 37 points, or 0.2 per cent, to close at 18,533.

Of the issues, 25 rose, 62 retreated, and 65 did not see any price swing.

Turnover at the bourse in the port city, however, surged 97 per cent to Tk 12.88 crore. It was Tk 6.53 crore on Sunday.