Stocks extend losing streak as Eid festival nears

Dhaka,  Sun,  24 September 2017
Published : 20 Aug 2017, 21:10:09

Stocks extend losing streak as Eid festival nears

Turnover down nearly 7.6pc on premier bourse
FE Report

Stocks extended their losing spell for the third running sessions Sunday, as the investors opted for profit booking ahead of Eid festival.

Dealers said the market faced further correction as investors preferred to book quick-gain on their investment over the recent price surge while some were refraining from making fresh investment ahead of Eid festival.

"As only eight trading sessions are left before Eid-ul-Azha vacation; many retail investors were busy for pulling money out of the market by selling their stocks, taking the market in the negative territory," said an analyst at a leading brokerage firm.

He noted that the news of extending the share transactions from investors' accounts, which were suffering with negative equity burden since the market crash in 2010-11 for another 16 months till December 31, 2018, couldn't attract the investors to remain buoyant on the trading floor as Eid festival nears.

"Selling of shares mostly from banks, financial institution, fuel & power sectors contributed to the fall in indices," the stockbroker added.

The banking sector faced the highest correction of 2.25 per cent as four banks featured in the top 10 losers' list, led by Pubali Bank, Rupali Bank, Uttara Bank and Islami Bank, losing 6.4 per cent, 4.8 per cent, 4.2 per cent and 3.5 per cent respectively.

The market opened with a positive note, gaining more than 25 points within first 20 minutes of trading, but rest of the session fell steadily, finally ended nearly 42 points lower.

DSEX, the prime index of the Dhaka Stock Exchange (DSE), which replaced the DGEN in four-and-a-half-year back, went down by 41.84 points or 0.71 per cent to settle at 5,819.

The two other indices also finished lower. The DS30, comprising blue chips, fell 10.31 points or 0.49 per cent to close at 2,099 points. The DSE Shariah Index (DSES) lost 3.13 points or 0.24 per cent to finish at 1,301.

The turnover, an important indicator of the market, stood at Tk 7.69 billion on the DSE, which was 7.6 per cent lower than the previous day's mark of Tk 8.32 billion.

The port city bourse, the Chittagong Stock Exchange (CSE), also closed lower with its Selective Categories Index - CSCX - losing nearly 75 points to settle at 10,927 points.

Losers beat gainers as 157 issues closed lower, 74 closed higher and 19 remained unchanged on the CSE.

The port city bourse traded 11.77 million shares and mutual fund units' worth Tk 371 million in turnover.
Editor : A.H.M Moazzem Hossain
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