Stock market continues losing streak for fourth day

Stocks extended their losing streak for four straight sessions on Monday as investors continued their selling binge on large-cap stocks.
Brokers said the cautious investors kept their selling spree on large-cap sectors, particularly power and financial stocks, taking the market in the negative territory for the fourth day.
The power sector continued to decline for the second straight day, slumping by 2.51 per cent, following the news that the government is going to increase energy prices.
The market showed upward movement in the beginning of the session and the key index of the major bourse rose about 15 points within first hour of trading. But rest of the session went down steadily.
Finally, DSEX, the prime index of the Dhaka Stock Exchange (DSE), settled at 5,443, losing 20.36 points or 0.37 per cent. The index eroded more than 100 points or 1.80 per cent in the last four consecutive sessions.
International Leasing Securities said the shaky investors continued to sell-off on large-cap shares which pushed down the market.
The stockbroker noted that the newcomer ML Dyeing attracted the investors, prompting some sell pressure on other issues.
Two other indices also finished lower. The DS30 index, comprising blue chips, fell 8.66 points to end at 1,902 and the DSE Shariah Index shed 4.56 points to close at 1,260.
Turnover, the most important indicator of the market, also fell 12-session low to Tk 6.96 billion, which was 13.4 per cent lower than the previous session's Tk 8.04 billion.
According to LankaBangla Securities, this downward shift in the index is mainly driven by significant negative changes in the large-cap sectors like power, banking, financial institutions and pharmaceuticals.
The large-cap sectors showed negative performance except food & allied which gained 0.90 per cent.
The fuel & power sector witnessed the highest loss of 2.51 per cent, followed by engineering 1.34 per cent, banking 0.58 per cent, telecommunication 0.39 per cent, financial institutions 0.13 per cent and pharmaceuticals 0.04 per cent.
Of the 338 issues traded, 214 closed lower, 84 higher and 40 issues remained unchanged on the DSE trading floor.
A total number of 147,916 trades were executed in the day's trading session with trading volume of 164.08 million securities.
The market capitalisation of the DSE stood at Tk 3,906 billion on the day which was Tk 3,903 billion in the previous session.
Khulna Power Company topped the turnover chart for the second day in a row with 7.59 million shares worth Tk 947 million changing hands.
The other turnover leaders were Active Fine Chemicals, IFAD Autos, United Power and Saiham Textile.
CAPM IBBL Islamic Mutual Fund was the best performer, posting a gain of 10 per cent.
VFS Thread Dyeing, which made share trading debut on September 09, was the worst loser, losing 7.16 per cent.
The Chittagong Stock Exchange (CSE) also finished lower with its CSE All Share Price Index - CASPI - losing 113 points to settle at 16,760 and the Selective Categories Index - CSCX -shedding 71 points to finish at 10,158.
The losers beat gainers as 172 issues closed lower, 53 ended higher and 19 issues remained unchanged on the CSE.
The port city's bourse traded 8.56 million shares and mutual fund units worth Tk 243 million.

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