Stocks close lower for second day

Stocks closed lower for the second running session on Monday with turnover remained sluggish as investors continued to sell shares amid cautious trading. The market started with a positive note, but could not sustain. At the end of the session, DSEX, the prime index of the Dhaka Stock Exchange (DSE) ended at 4,624.75 points, shedding 41.65 points or 0.89 per cent.
The other two indices also ended lower. The DS30, comprising blue chips lost 16.58 points or 0.97 per cent to close at 1,688.65 points. The DSE Shariah Index (DSES) dropped 17.47 points or 1.68 per cent to close at 1,017.05 points. Turnover value on the DSE remained sluggish and stood at Tk 4.35 billion against Tk 4.33 billion in the previous trading session. The losers took a strong lead over the gainers as out of 286 issues traded, 194 declined, 68 advanced and 24 issues closed unchanged on the DSE floor. Lafarge Surma Cement became the top turnover leader with shares worth Tk 377.78 million changing hands followed by Meghna Petroleum, Padma Oil, GP and Southeast Bank. Dhaka Insurance was the day’s highest gainer; posting a rise of 6.23 per cent while BD Welding was the day’s worst losers, slumping by 25.41 per cent following the news that the company will be placed in ‘Z’ category from existing ‘B’ category with effect from April 29, 2014 as per Dhaka Stock Exchange (Settlement of Transactions) Regulations, 2013; since the Company did not recommend any dividend for the year ended on December 31, 2013. The port city bourse - Chittagong Stock Exchange (CSE)-- also closed lower with its Selective Categories Index --- CSCX lost 93.11 points to stand at 8,904.01 points. Losers beat gainers 158 to 40, with 14 issues remaining unchanged at the port city bourse that traded 9.65 million shares and mutual fund units, turnover value of Tk 312.37 million.