Stocks see seventh day of decline

The domestic stock market yesterday stretched its losing streak to seven consecutive trading sessions amid low turnover, raising concerns among investors regarding the future of their portfolios.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), slid by 51 points, or 0.81 per cent, to close the day at 6,258.

With this fall, the index has dropped to its lowest position in the last nine months, when it stood at 6,208 on July 12. The index plunged by a total of 440 points in the last seven days.

Besides, turnover at the DSE fell by 12 per cent to Tk 668 crore compared to Tk 762 crore on the previous day.

Risk-averse investors continued their selling spree of sector-specific issues to avoid any further erosion in their portfolios, said International Leasing Securities in its daily market review.

The growing concerns about rising inflation, which reduced the peoples' real income, as well as the lower value of local currency against US dollars in foreign investors' portfolios has decreased investor confidence, it added.

All the sectors, sans tannery, witnessed price corrections yesterday. Investor activity was mostly concentrated on miscellaneous (15.2 per cent), banks (12.8 per cent), and pharmaceuticals and chemicals (12.4 per cent).

At the DSE, 67 stocks advanced, 263 declined and 50 remained unchanged.

Meanwhile, both the DS30, the blue-chip index, and DSES, the shariah based index, lost 19 points and 8 points respectively.

S Alam Cold Rolled Steel Mills topped the gainers list with a roughly 10 per cent rise while Bangladesh National Insurance, First Finance, C&A Textiles, and Emerald Oil also saw major gains.

Prime Finance First Mutual Fund One shed the most with a 5 per cent drop while Paper Processing, ACI Formulations, Bangas Ltd, and RD Food were among the heavy losers as well.

Beximco Ltd became the most traded stock with shares worth Tk 53 crore changing hands followed by Islami Bank, Shinepukur Ceramics, JMI Hospital and Bangladesh Shipping Corporation.

The Chittagong Stock Exchange (CSE) also fell yesterday. The CASPI, the main index of the CSE, dropped 103 points, or 0.72 per cent, to close the trading session at 18,439.

Of the 288 stocks traded, 54 rose, 208 fell, and 26 did not see any price movement.