Stocks continue slipping for second day

Dhaka stocks nosedived for the second consecutive trading session on Wednesday as investors continued offloading their holdings since the market was yet to show any positive trigger to bounce back.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), the prime bourse, dropped 11.15 points to close at 6,245.

Among other indices, the DS30, the blue-chip index, fell 4.6 points to 2,222 and the DSES, the Shariah-based index, edged down 1.4 points to 1,366.

Turnover, another crucial market indicator, slightly fell by 0.37 per cent to Tk 431 crore against the tally of Tk 433 crore in the previous trading session.

The IT sector topped the turnover chart with a contribution of 13.52 per cent to the total turnover of the DSE.

The market remained downbeat throughout the session as sellers continued their dominance on the trading floor as they preferred to stay on the sidelines amid an unclear view of the market’s momentum, according to stockbroker.

Some of the recently rallied scrips also extended their correction mode owing to profit-booking spree by cautious investors aiming to secure their short-term gains from the ailing market, said EBL Securities, a stockbroker, in its daily market review.

Furthermore, a recent report published by a global research firm expressing concerns about the liquidity crisis in the Bangladesh capital market also dampened investor confidence, market insiders said. Out of the securities traded, 27 stocks advanced, 137 issues declined, and 227 scrips did not see any movement on the DSE trading floor.

Bangladesh Lamps topped the gainers’ list with a surge of 8.7 per cent in the premier bourse, while ICB AMCL CMSF Golden Jubilee Mutual Fund was the worst loser, shedding by more than 30 per cent yesterday.

Sonali Paper & Board Mills was the most-traded stock yesterday with Tk 37 crore worth of share changing hands.

Genex Infosys, Shinepukur Ceramics, Bangladesh Shipping Corporation, and Bangladesh Lamps were among the top turnover leaders.

The jute, ceramics, and engineering sectors closed higher, while travel & leisure, IT, and general insurance faced corrections, according to UCB Stock Brokerage.

Most of the sectors displayed dismal returns in the capital bourse, with the travel posting the highest loss of 1.9 per cent, followed by IT (1.2 per cent) and general insurance (1.1 per cent), as per EBL Securities.

The port city bourse, Chittagong Stock Exchange (CSE), also settled on red terrain, with its two major indices – the selected indices (CSCX), and the all-share price index (CASPI) – falling by 16.4 points and 27.2 points respectively.