Stocks extend losses for third day

Stocks extended their losing spell for the third running sessions in a row on Monday with declining turnover as late sale pressure wiped out early gains.

The market opened with a positive note, touching 4,700-level in the mid-session, but could not sustain that level, eventually ended marginally down.

At the end of the session, DSEX, the prime index of the Dhaka Stock Exchange (DSE), settled at 4,663.62, shedding 11.21 points or 0.23 per cent.

The two other indices also ended lower. The DS30 index, comprising blue chips, lost 7.50 points or 0.42 per cent to at 1,756.93. The DSE Shariah Index (DSES) fell 3.76 points or 0.33 per cent to end at 1,121.10.

Turnover, another important indicator of the market, came down below Tk 6.0 billion-mark and amounted to Tk 5.27 billion, which was 13 per cent lower than the previous session’s Tk 6.08 billion.

The losers took a strong lead over the gainers as out of 323 issues traded, 173 closed lower, 107 higher and 43 remained unchanged on the DSE trading floor.

United Power Generation & Distribution Company dominated the turnover chart for the four consecutive sessions with 1.58 million shares worth Tk 256 million changing hands followed by City Bank, Emerald Oil, Aftab Automobiles and Beximco.

Dacca Dyeing was the day’s best performer, posting a rise of 9.24 per cent while Samata Leather was the worst loser, plunging 8.99 per cent.

The port city bourse Chittagong Stock Exchange (CSE) also closed in the red with its Selective Categories Index, CSCX, falling 17.07 points or 0.19 per cent to finish at 8,663.42.

Losers beat gainers as 132 issues declined, 78 advanced and 33 remained unchanged on the CSE.

The port city bourse traded 12.78 million shares and mutual fund units worth Tk 354 million in turnover. -FE