Stocks witnessed yet another bearish session on Sunday, extending the losing streak for the sixth straight sessions, as worried investors continued their selling binge on major sectors' shares.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 42.80 points or 0.81 per cent to settle at 5,179, the lowest in the two-and-a-half months.
DSEX eroded 201 points or 3.73 per cent in the past six consecutive sessions.
Market analysts said investors who have already been grappling with several issues such as penalty tax on listed companies and gas price hike got panicked by the news of liquidation and trading suspension of People's Leasing and Financial Services (PLFS).
Although the government brought some changes to the budgetary measures for the capital market, they failed to make any positive impact on the market.
Meanwhile, share price of GP rose 3.95 per cent to close at Tk 344.70 each on Sunday, after losing 7.84 per cent in the past week.
Two other indices also edged lower. The DS30 index, comprising blue chips, lost 4.42 points to finish at 1,853 and the DSE Shariah Index also shed 3.85 points to close at 1,190.
The market fell for the sixth straight sessions as worried investors continued their selling spree on major sectors' share, commented UCB Capital Management.
BATBC and Square Pharmaceuticals led the fall of index, according to UCB Capital.
"The government's move to liquidate People's Leasing coupled with the gas price hike prompted investors to sell-offs," said the UCB Capital.
Turnover, another important indicator of the market, stood at Tk 3.54 billion, which was 0.85 per cent higher than the previous day's turnover of Tk 3.51 billion.
According to International Leasing Securities, the panicked investors liquidated their holding of shares on most of the sectors, particularly from banking, financial institutions and power sectors to escape from further losses.
EBL Securities said the shaky investors remained cautious and adopted 'wait-and-see' approach ahead of June closing earnings declarations.
Banking sector posted the highest loss of 1.45 per cent, followed by non-bank financial institution with 1.32 per cent, engineering 1.13 per cent, food 0.70 per cent, pharmaceuticals 0.62 per cent and power 0.18 per cent.
Only telecommunication sector gained 3.65 per cent, after losing 7.8 per cent in the past week.
The losers took a strong lead over the gainers as out of 352 issues traded, 269 closed lower, 63 advanced and 20 issues remained unchanged on the DSE trading floor.
United Power topped the turnover chart with 423,339 shares worth Tk 160 million changing hands.
The port city bourse, Chittagong Stock Exchange, also ended lower with its CSE All Share Price Index - CASPI -falling 91 points to settle at 15,881 and the Selective Categories Index - CSCX -losing 52 points to finish at 9,645.
Here too, the losers beat gainers, as 194 issues closed lower, 60 ended higher and 16 remained unchanged on the CSE trading floor.
The port city bourse traded 6.05 million shares and mutual fund units worth Tk 117 million in turnover.
babulfexpress@gmail.com
