Stocks pass fourth day of losses

The top 10 gainers' list on the Dhaka Stock Exchange (DSE) could not be completed yesterday since only nine companies rose as the market fell for the fourth consecutive session.

The DSEX, the benchmark index of the premier bourse in Bangladesh, closed at 6,205, down 13 points, or 0.21 per cent.

The DS30, the blue-chip index, slipped 0.01 per cent to 2,221 while the DSES, the Shariah-compliant index, dropped 0.24 per cent to 1,355.

On the day, 150 companies fell and 154 did not see any price change.

Turnover, one of the key indicators of the market, fell to Tk 222.99 crore, the lowest since January 3 when it stood at Tk 198.9 crore. 

Most sectors witnessed price correction: the IT sector was down 2.2 per cent, the service sector fell 1.3 per cent, the paper sector declined 1.3 per cent, and the jute sector shed 1 per cent.

The travel sector increased 0.3 per cent and the food and bank sectors inched up 0.01 per cent.

Investors' activities were mainly focused on the pharmaceuticals sector, which captured 17 per cent of the turnover. The IT sector accounted for 14.6 per cent of the turnover.

The shares on the DSE extended the bearish trend to the fourth consecutive session as investors were reluctant to make fresh investments amid a gloomy market outlook, said International Leasing Securities Ltd (ILSL) in its daily market analysis.

Asia Pacific General Insurance posted the sharpest gain on the day, rising 5.35 per cent.

National Tea Company added 1.45 per cent, Islami Insurance Bangladesh rose 1.02 per cent, and Sea Pearl Beach Resort & Spa edged up 0.95 per cent.

Olympic Industries, Hwa Well Textiles, Islami Bank Bangladesh Ltd, Berger Paints Bangladesh, and Bangladesh Lamps also rose. 

Metro Spinning suffered the sharpest fall, giving up 6.97 per cent.

Al-Haj Textile Mills lost 6.04 per cent, Pragati Life Insurance slid 5.51 per cent, Genex Infosys declined 4.42 per cent, and Bangladesh General Insurance Company retreated 4.17 per cent.

National Bank was the most-traded stock on the day. Bangladesh Shipping Corporation, Shinepukur Ceramics, Genex Infosys and Intraco Refueling Station also saw significant trading.

The Caspi, the all-share price index of the Chittagong Stock Exchange, dropped 25 points, or 0.14 per cent, to end the week at 18,334.

Of the issues that traded on the bourse in the port city, only five rose, 56 declined, and 57 saw no price movement.

Turnover plunged nearly 85 per cent to Tk 7.11 crore. It was Tk 46.92 crore on Wednesday.

HOW WAS THE WEEK

The stock market passed a gloomy week, with the benchmark index of the DSE losing 41.1 points as most of the investors followed a cautious stance amid a lack of clear direction of the market, said ILSL.

Owing to a lack of confidence, panic-driven investors dumped their holdings and preferred to hold cash because of the rumours that the floor price would be lifted. The regulator has not announced any date for the removal of the measure, which was put in place in July.

Average turnover decreased 35.31 per cent from a week ago.

In the week to Thursday, the travel sector rose 1.1 per cent. The paper and printing sectors shed 8.3 per cent, the IT sector declined 5.6 per cent, the general insurance and jute sectors dropped 3.2 per cent.

Bangladesh Shipping Corporation registered the highest gain of 10.8 per cent, while Genex Infosys advanced 6.4 per cent and Sea Pearl Beach Resort gained 5.6 per cent.

The Caspi lost 93.1 points.