Dhaka stocks declined for the fourth straight session on Monday amid volatile trading as the investors’ confidence in the market remained shaky due to the recent downtrend.
DSEX, the key index of the Dhaka Stock Exchange, lost 0.84 per cent, or 35.27 points, to finish at 4,054.74 points. The DSEX started the day positively as it gained more than 30 points in the first five minutes of trading, but it lost more than 60 points in the next 10 minutes.
The index was about to touch the positive mark twice later in the day, but it finished in the red due to huge sell-offs.
The DSEX have now lost 241 points in the last four trading sessions after gaining 89.23 points in the earlier two.
Market operators said most of the investors remained inactive on the trading floor because of the recent fall in the market.
The investors’ participation will increase when the market becomes stable, but that will take some time, said the operators.
Some investors sold shares to make profits as the market had gained more than 1000 points in the last two and half months, they added.
Despite active participation of the government-owned entities on the trading floor the market ended negative on the day as it failed to absorb the sell pressure, they said.
The old key index of the bourse, DGEN, finished at 4,358.64 points on the day, shedding 1.05 per cent or 46.51 points.
The DGEN have now lost 416.56 points in the last four trading sessions after gaining 171.75 points in the earlier two.
The blue chip index of the bourse, DS30, declined to 1,495.80 points, shedding 1.55 per cent or 23.54 points.
The turnover of the bourse declined to 432.78 crore from that of the previous session’s Tk 606.91 crore.
Among the 286 shares and mutual funds traded on the day, 85 advanced, 178 declined and 23 remained unchanged.
‘Investors were seemed to be in search of comfort zone in recent sessions after a two and half months’ rally. As a result, panic rebounded alongside the turmoil in confidence. Mimicking recent scenario, price wane in most of the overvalued scrips due to profit taking further pulled down the market sentiment,’ IDLC Investments said in its daily market commentary.
Meghna Petroleum topped the turnover chart on the day as its shares worth Tk 32.43 crore changed hands while Bangladesh Submarine Cable Company, Titas Gas Transmission and Distribution Company, Padma Oil, Grameenphone, Square Pharma, Jamuna Oil and Olympic Industries were the other turnover leaders.
JMI Syringes and Medical Devices gained the most on the day as the price of its shares increased by 9.83 per cent while Eastern Cables lost the most, shedding 9.94 per cent.
-With New Age input
