Stocks witnessed a sharp decline Sunday, extending the losing streak for the second day in a row, as investors were on selling spree, fearing further fall.
Market operators said the market fell sharply as investors were on selling binge amid tension over the final selection of Dhaka bourse's strategic partner and liquidity shortage in the market.
"The market plunged amid concern over final selection of Dhaka bourse's strategic partner and liquidity shortage in the banking sector," said an analyst at a leading brokerage firm.
The market started on a downward trend which continued till end of the session with no sign of reversal. Finally ended nearly 100 points lower.
DSEX, the prime index of the DSE, went down by 99.44 points or 1.64 per cent to come down below 6,000-mark to settle at 5,950.
Two other indices of the premier bourse also ended lower. The DS30 index, comprising blue chips, fell 37.38 points or 1.67 per cent to finish at 2,193 and DSES (Shariah) plunged 10.79 points or 0.76 per cent to settle at 1,394.
Bearish sentiment was also reflected on the premier bourse as total turnover came down to Tk 4.40 billion which was 14 per cent lower than the previous day's Tk 5.12 billion.
The banking sector dominated the turnover chart, capturing 15 per cent of the day's total transactions, closely followed by engineering with 14 per cent and textile 13.7 per cent.
"Investors selling pressure was visible on stocks, especially from banking, financial institutions and pharmaceuticals sectors," commented EBL Securities, a stockbroker, in an analysis.
Among the major sectors, banking sector posted the highest correction of 2.80 per cent with prices of 29 banks closed lower, followed by non-bank financial institutions with 2.20 per cent, engineering 1.60 per cent, pharmaceuticals 0.90 per cent, power 0.90 per cent and telecommunication 0.30 per cent.
The losers took a strong lead over the gainers as out of 336 issues traded, 270 closed lower, 49 higher and 17 remained unchanged on the DSE trading floor.
Fu-Wang Food Industries topped the turnover chart with shares worth Tk 164 million changing hands, closely followed by Unique Hotel & Resorts, LankaBangla Finance, Brac Bank and Grameenphone.
Fine Foods was the day's highest gainer, posting a gain of 9.87 per cent while Beximco Synthetics' was the worst loser, losing 9.21 per cent.
Port city bourse CSE also closed lower with CSE All Share Price Index - CAPSI- shedding 299 points to settle at 18,423 and Selective Categories Index - CSCX - falling 178 points to finish at 11,118.
Here too, the losers beat the gainers as 182 issues closed lower, 30 ended higher and 15 remained unchanged on the CSE.
The port city bourse traded 9.0 million shares and mutual fund units worth nearly Tk 300 million in turnover.
© 2024 - All Rights with The Financial Express
