Stocks keep losing amid lackluster trade

Stocks extended the losing streak for the second straight session on Sunday as the shaky investors continued their sell-offs amid persistently lackluster trade.
The market opened on negative note which continued until end of the session amid choppy trading as investors remained confused about the market direction.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 37.37 points or 0.68 per cent to settle at 5,447. DSEX lost roughly 62 points in the past two consecutive sessions.
The DSE 30 Index comprising blue chips also lost 10.70 points to finish at 2,099. However, the DSE Shariah Index (DSES) advanced 2.28 points to close at 1,238.
Turnover, a crucial indicator of the market, dropped to Tk 8.01 billion, which was 24 per cent lower than the previous day's turnover of Tk 10.55 billion.
Market analysts said risk-averse investors kept their sell-offs on large-cap stocks, particularly from food, telecom, banking and cement sectors.
EBL Securities said the market extended losses as intense market volatility spooked confidence of investors leading them to dispose of stocks on major sector stocks.
The stockbroker noted that British American Tobacco Bangladesh, the giant stock which saved the bourse in the previous day, was unable to withstand as investors confused over its exorbitant price after post-dividend adjustment due to the floor price mechanism.
Shares price of BATBC plunged almost 6.0 per cent on Sunday to close at Tk 1,599 at DSE, after soaring 12.62 per cent in the previous day.
The multinational tobacco manufacturer declared another 300 per cent final cash dividend, making the total cash dividend 600 per cent and 200 per cent stock dividend for the year ended on December 31, 2020.
According to International Leasing Securities, heavy sell pressure in food, telecom, bank, financial institution, general insurance and power sectors pushed down the DSEX.
To ensure discipline in the market, the stock market regulator enhanced actions against wrongdoers and will also remain strict against the non-compliances in the future, said the stockbroker.
The top negative index contributors were BATBC, Robi, Grameenphone, Brac Bank and Renata, contributing more than 36 points fall of DSEX jointly, according to data from amarstock.com, a stock market data analyst.
Losers took a strong lead over the gainers, as out of 351 issues traded, 193 declined, 57 advanced and 101 remained unchanged on the DSE trading floor.
Among the major sectors- food & allied saw the highest correction of 4.2 per cent, as the sector's heavyweight BATBC lost nearly 6.0 per cent alone, followed by telecom 2.2 per cent, banking 2.0 per cent, cement 1.4 per cent, and power 0.6 per cent.
On the other hand, miscellaneous, pharma and engineering sectors gained 5.3 per cent, 0.7 per cent and 0.3 per cent respectively.
Beximco Ltd-the flagship company of the Beximco Group-was the day's most traded stock with shares worth Tk 2.18 billion changed hands.
It was followed by BATBC that became the second-best top turnover leader with shares worth nearly Tk 1.03 billion. Other turnover leaders included Beximco Pharma, Robi and LankaBangla Finance.

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