Stocks witness another steep fall

Shares on the Dhaka Stock Exchange (DSE) extended losses yesterday, sending the key index of the market to a four-month low.

The DSEX, the benchmark index of the premier bourse in Bangladesh, lost 72 points, or 1.08 per cent, to close at 6,629. This was the lowest level of the index since August 11.

The exchange witnessed another decline as the risk-averse investors opted for liquidating their position to escape further losses on their portfolios, said International Leasing Securities in its daily market review.

The shaky investors started the session with early-hour sell pressure and continued it till the closure.

Notable selling of shares was observed in almost all of the sectors, contributing to the big fall of the key index.

On the DSE, decliners outnumbered advancers 300 to 47, with 31 companies remained the same.

State-run Bangladesh Shipping Corporation topped the gainers' list as it rose 12.3 per cent followed by Western Marine Shipyard, Daffodil Computers, Zeal Bangla Sugar Mills, and Atlas Bangla.

Sonali Paper was the most traded stock with its shares worth Tk 153 crore changing hands. Beximco Ltd, Asia Insurance, Bangladesh Shipping Corporation, and Eastern Insurance also saw significant turnover.

Eastern Lubricants gave up the most, dropping 15 per cent, followed by Fu-Wang Foods, Appollo Ispat, Stylecraft, and Libra Infusion.

"The market is falling for many reasons. The most important one was institutional investors sold shares to free up funds to subscribe to a number of bonds recently," said a top official of an asset management company.

Besides, institutional investors don't want to increase their exposure towards the end of the year, he said.

Turnover on the DSE rose 10 per cent to Tk 885 crore.

The Chittagong Stock Exchange also fell. The CASPI, the main index of the bourse in the port city, edged down 261 points, or 1.33 per cent, to 19,268.

Among 297 traded stocks, 48 rose, 232 fell, and 17 was unchanged.