Stocks keep losing amid lack of confidence

Stocks extended the losing streak for the fourth straight session on Monday as risk-averse investors continued their selling spree on large-cap stocks.

DSEX, prime index of Dhaka Stock Exchange (DSE), went down by 37.14 points or 0.73 per cent to close at more than one-month low at 5,033.

DSEX eroded more than 145 points or 2.80 per cent in the past four straight sessions.

Market analysts said lack of investors' confidence, telecom regulator's strict stance towards Grameenphone, soaring non-performing loans coupled with falling foreign portfolio investment triggered further sell-offs.

GP, the largest market capitalisation stock, fell further by 1.90 per cent, contributing more than 12 points DSEX fall.

The GP share price plunged 28 per cent in the past eight months to close at Tk 304.10 on Monday.

The port city's bourse, the Chittagong Stock Exchange, also closed lower with its All Shares Price Index (CASPI) -- CASPI-- losing 87 points to close at 15,412 and the Selective Categories Index - CSCX - shedding 55 points to finish at 9,355.

Here too, losers beat the gainers as 153 issues closed lower, 63 higher and 31 remained unchanged on the CSE.

The port city bourse traded 4.74 million shares and mutual fund units worth nearly Tk 143 million in turnover.

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