Stocks fall for 7th straight day

Dhaka stocks on Wednesday fell for the seventh consecutive session amid growing economic uncertainties.

The DSEX Index closed at 6,138 after losing 14.39 points or 0.23 per cent. In seven days, it lost 228 points.

The DSES Index fell 0.13 per cent to close at 1,346 point, while the blue chip comprising DS30 declined 0.32 per cent to 2,206.

“Dhaka stocks closed in the red trajectory as the prolonged bearish sentiment kept investors engaged in continuous sell-offs while investors were taking every bounce back as an opportunity to exit from the market,” said EBL Securities in a note.

The market has been unable to maintain its early upward momentum because investors are dumping equities as they anticipate for a longer economic challenge ahead on the backdrop of global economic turmoil due to the prolonged Russia-Ukraine war, it said.

The DSE turnover stood at Tk 670 crore, a significant increase of 108.4 per cent from Tk 320 crore in the previous session.

The scam-hit Bangladesh Industrial Finance Company was the top gainer for the second straight day, soaring 8.86 per cent, while IPDC Finance was the worst loser, losing 2.0 per cent.

Textile (17.1 percent) stocks had the highest turnover, followed by miscellaneous (12.5 per cent) and pharma & chemical (10 per cent) stocks.

Most sectors had negative returns, with Life Insurance (-1.5%), General Insurance (-1.4%), and Ceramic (-1.3%) having the most negative returns, while Textile (0.4%), Financial Institute (0.4%), and Pharma & Chemical (0.2%) sectors having some positive returns on the bourse today.

Out of the 386 issues traded, 110 advanced, 218 declined, and 58 remained unchanged.

The Chittagong Stock Exchange (CSE) also ended marginally lower with the CSE All-Share Price Index (CASPI) losing 36 points to settle at 18,030 and the Selective Categories Index CSCX –shedding 22 points to close at 10,801.

CSE’s bourse had a turnover value worth Tk 16 crore on Wednesday.