Stocks sink amid gloomy sentiment

The equities benchmark index extended the losing streak as stock sell-off intensified on Tuesday amid the country's macroeconomic uncertainly.
The prime DSEX index of the Dhaka Stock Exchange (DSE) slipped 30.60 points or 0.47 per cent further to settle at 6,361.
The DSE lost over 119 points in the last three days since the national budget was unveiled.
Market operators said the investors were not happy with the budgetary measures related to the capital market while instability of exchange rates, rising inflation and upsurge in call money rate made the investors worried.
The new budget has proposed no new incentives other than a reduction in corporate tax for the listed companies but that too comes with some conditions.
Moreover, the tax gap between the listed and non-listed firms remained unchanged at 7.50 per cent which analysts think might not encourage non-listed firms to go public.
The bourses, however, urged the government to widen the tax gap to at least 10 per cent to attract well-performing firms into the market.
Stocks logged corrections in the post-budget sessions as investors' sentiment remained negative amid the macroeconomic worries, said EBL Securities.
"Investors' concerns loomed around heated-up foreign exchange market, weakening of taka, pressure on current account balance, and the recent upsurge in call money rate," said the stockbroker.
In such a situation, investors believed that the growing liquidity crisis in the banking system might impact the bourses adversely while the government's bank borrowing to meet the budget deficit is expected to exacerbate the liquidity crisis, the stockbroker said.
Stocks extended the losing streak amid apparent lack of clear indications and gloomy market sentiment, said International Leasing Securities.
On the day, two other DSE indices also ended lower. The DSE 30 Index, comprising blue chips, fell 16.06 points to close at 2,300 and the DSE Shariah Index (DSES) lost 7.15 points to settle at 1,387.
Turnover, the crucial indicator of the market, however, rose further to Tk 8.75 billion, which was 9.65 per cent higher than the previous day's tally of Tk 7.98 billion.
Major sectors faced corrections with financial institutions witnessing the highest correction of 1.10 per cent, followed by banking with 0.40 per cent, pharma 0.40 per cent, telecom 0.30 per cent, food 0.20 per cent, power 0.20 per cent, and engineering 0.10 per cent.
Losers took strong lead over the gainers, as out of 382 issues traded, 236 declined, 89 advanced and 57 remained unchanged at DSE.
Shinepukur Ceramics was the most traded stock with shares worth nearly Tk 707 million changing hands, followed by JMI Hospital Requisite Manufacturing (Tk 445 million), Anwar Galvanizing (Tk 257 million), Beximco (Tk 239 million), Monno Fabrics (Tk 232 million).
Shinepukur Ceramics was also the day's top gainer, posting a 9.97 per cent gain while ONE Bank was the worst loser, shedding 5.30 per cent following its price adjustment after record date.
The Chittagong Stock Exchange (CSE) also extended losses with the CSE All Share Price Index (CASPI) losing 78.83 points to settle at 18,710 and the Selective Categories Index (CSCX) dropping 48 points to close at 11,218.
Of the issues traded, 169 declined, 84 advanced and 39 remained unchanged on the CSE.
The port city's bourse traded 13.20 million shares and mutual fund units with a turnover value of Tk 555 million.

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