Turnover remains below Tk 3.0 billion

The market ended in the red for third straight session Thursday amid sluggish trading activities as investors' confidence about future market direction remained shaky.
The market started with a positive note, but could not sustain as late hour sell pressure wiped off early gain, eventually the market ended marginally lower.
DSEX, the prime index of the Dhaka Stock Exchange (DSE) went down by 30.40 points or 0.68 per cent to close at 4,436.20 points.
The other two indices also closed in red. The DS30, comprising blue chips lost 15.45 points or 0.94 per cent to close at 1,621.86 points. The DSE Shariah Index (DSES) shed 6.16 points or 0.61 per cent to close at 1,002.92 points.
Turnover improved slightly, but remained below Tk 3.0 billion mark for the second running session. The total turnover on DSE amounted to Tk 2.62 billion, which was 5.64 per cent higher compared to previous session's Tk 2.48 billion.
"Investors' confidence about future market direction remains shaky," commented LankaBangla Securities, in its daily market analysis.
Market's next direction will be dependent on second quarter (April to June) earnings figures posted by companies. From the end of next week, figures will start coming, said the stock broker.
Net investment by foreign investors in June stood at Tk 3.62 billion, which was Tk 1.29 billion in May, registering 180 per cent growth month over month, but failed to attract so much investors, said the stock broker.
IDLC Investments said, "Eroding market sentiment, the bourse engulfed another beat from portfolio re-balancing".
The positive news on shooting up of foreign investment in DSE could not bring so much participation, said the merchant bank.
"Investors extended their cashing out appetite and sequentially altered their sector-wise preferences," said the merchant bank.
"The investors went for booking profit generated from the recent gains in the market," said International Leasing Securities.
The investors restrained themselves from injecting fresh funds in the market. Resultantly, selling pressure overwhelmed the buying pressure and made the prices to fall, said the International Leasing.   
 The losers took a modest lead over the gainers as out of 298 issues traded, 136 declined, 117 advanced and 45 remained unchanged on the DSE floor.
All the major sectors ended in red. Food sector was the biggest loser ending 2.09 per cent lower. It was followed by power and pharmaceuticals which were down by 0.79 per cent and 0.76 per cent respectively.
Banks lost 0.71 per cent. Telecommunications and NBFIs 0.30 per cent also ended in the negative territory with losing 0.45 per cent and 0.30 per cent respectively.
Activities increased in the major bourse (DSE) where trade and volume were up by 15.17 per cent and 7.47 per cent respectively. A total of 0.074 million trades were executed with 75.70 million securities of trading volume.
The port city bourse, Chittagong Stock Exchange (CSE) closed marginally lower with its Selective Categories Index - CSCX - lost 41.60 points to close at 8,463.24 points.