Wednesday, November 6, 2024

Dhaka stocks fall for 3rd day on selling spree

Dhaka stocks declined for the third trading session on Monday in volatile trading as investors, panicked by the previous trading session’s freefall, continued selling shares.
Investors also said that merchant banks and large-scale investors increased share sales with an intention to pull down the share prices to get shares cheap.The key index of Dhaka Stock Exchange, DSEX, closed to 5,144.50 points, shedding 0.62 per cent or 32.24 points.
The DSEX on Sunday slumped by 109 points, the highest single-day loss in the last one and a half years.
Market operators said that despite a positive start on the day, the market finished negative as investors, panicked by Sunday’s market plunge, opted to sell off shares intensively, resulting in further decline in the DSEX.
They also said that a fear for further fall in share prices was behind the investors’ aggressive share selling.
The market in the last couple of trading session lost the two-and-a-half month bullish vibe following a rumour that Bangladesh Bank tightened its monitoring over the capital market, operators said.
The market since July 13 to till October 12 had advanced by 990 points due to investors fresh fund injection, diversion of fund from the banking sector to the capital market and relatively calm political situation.
DS30, the blue-chip index of the DSE, fell by 1.06 per cent, or 20.87 points, to close at 1,933.26 points on Monday.
The Shariah index of the bourse, DSES, finished at 1,207.32 points, declining by 0.83 per cent or 10.19 points.
Of the 298 shares and mutual funds traded on the day, 100 advanced, 166 declined and 32 remained unchanged.
‘The downturn spiral continued in the capital market amid slowing market participation and weakening investors’ confidence,’ IDLC Investments said in its daily market commentary.
‘Market started moving higher at the beginning, but sooner after that market became volatile,’ LankaBangla Securities said in its daily market analysis.
‘After moving lower for much of the trading day, index climbed well off their lows for the session but still ended the day in the red,’ it said.
Turnover at the DSE declined to Tk 596.95 crore on Monday compared with that of Tk 687.25 crore in the previous trading session.
Titas Gas led the turnover leaders with its shares worth Tk 23.91 crore changing hands.
MJL Bangladesh, Lafarge Surma Cement, Jamuna Oil, Grameenphone, Square Pharmaceuticals, Appollo Ispat Complex, RAK Ceramics, BEXIMCO and Saif Powertec were among the other turnover leaders of the day.
Shahjibazar Power Company gained the most — 9.96 per cent — on Monday, the first trading session after the DSE suspended its share trading on August 11 this year.
Seventh ICB Mutual Fund was the worst loser on the day with a 9.42-per cent fall.

-With New Age input

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