Stocks dip below 4,800-mark

Stocks witnessed yet another session sharp decline Monday with key index of the major bourse dipping below 4,800-mark after two months as investors went for selling spree, fearing further fall.
Amid weak sentiment, the market opened with a negative mood and the prime index of the Dhaka Stock Exchange -- DSEX dipped below the 'psychological' threshold of 4,800-mark and ended at 4,768.90 points, shedding 69.20 points or 1.43 per cent. DSEX eroded 565.1 points within last 30 sessions.
The other two indices also saw steep decline. The DS30, comprising blue chips lost 32.08 points or 1.79 per cent to close at 1,753.05 points. The DSE Shariah Index shed 23.04 points or 2.03 per cent to close at 1,110.58 points.
Turnover remained dry and amounted to Tk 3.54 billion, registering an increase of 1.72 per cent over the previous session's four-month lowest value of Tk 3.48 billion.
The investors' attention was mostly focused on pharma, power and engineering - the sectors that for 20 per cent, 16 per cent and 13 per cent respectively of the day's total turnover.
"Panic driven selling spree pulled down market for the third consecutive session, which took another big toll in DSEX,' said IDLC Investments in an analysis.
Apparently, investors focused mostly on selling to minimize further loss in their portfolio as market continued moving toward bearish zone, said the merchant bank.
Throughout the session, investors were searching for comfort zone. Moreover, scrip wise movements were also focal point as 86 out of 302 traded issues lost more than 2.0 per cent of their respective price, the merchant bank added.
The stock market continued its free fall as the DSEX fell below 4,800-mark for the first time after more than two months, said International Leasing Securities.
"Most of the investors made a last ditch to realise their profits amidst the belief of the market's further fall," said the International Leasing.
Throughout the session, issues from major sectors witnessed steep price correction as the investors' sell-off mounted in large cap stocks including multinational companies, said the International Leasing.
LankaBangla Securities said: "Stocks moved to the downside adding to the losses posted in the previous session".
Across all the sectors, small, mid and large-cap stocks saw the sell-off throughout the session, but large caps took the hit most, said the stock broker.
A late fall gripped stocks Monday, after shares decisively broke down following early consolidation, with the DSEX breaking through the 4,800 level, said the stock broker.
Among the large cap sectors only food and allied sector saw a marginal gain of 0.18 per cent. All other major sectors closed lower. Telecommunication experienced a sharp decline of 3.63 per cent.
NBFIs also posted sizable loss of 2.10 per cent. Power and pharmaceuticals retraced by 1.93 per cent and 1.57 per cent respectively. Banks lost 0.53 per cent.
The losers took a strong lead over the gainers as out of 302 issues traded, 199 declined, 61declined and 42 issues remained unchanged on the DSE floor.
Activities decreased in the major bourse (DSE) where volume and trade were down by 0.32 per cent, and 2.78 per cent respectively. A total of 0.082 million trades were executed with trading volume of 77.25 million securities.
The total market capitalisation on the DSE stood at Tk 3,210.14 billion against Tk 3,248.11 billion in the previous session.
Lafarge Surma Cement was the most traded stock with shares worth Tk 192.11 million changing hands followed by Square Pharma, GP, Beximco Pharma and Jamuna Oil.
ICB First NRB Mutual Fund was the day's highest gainer, posting a rise of 5.88 per cent while Emerald Oil was the day's worst loser, slumping by 10.51 per cent.
The port city bourse, Chittagong Stock Exchange (CSE) also saw sharp decline with its Selective Categories Index - CSCX - lost 129.74 points to close at 9,009.23 points.
Losers beat gainers 172 to 28, with 17 issues remaining unchanged at the port city bourse that traded 7.15 million shares and mutual fund units, turnover value of Tk 268.29 million.

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