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Dhaka stocks continued to bleed as recent dismal corporate earnings and the absence of any forecast on market recovery prompted investors offloading their holdings and remain on the sidelines.
The sale pressure got intensified after the Global investment research firm Morgan Stanley Capital International (MSCI) in its recently published quarterly review gave little hope for Bangladesh’s capital citing ‘the deterioration of liquidity’ would prevail for more time in the market, analysts said.
Besides, most listed companies witnessed profit fall in the October-December quarter due mainly to the ongoing global economic adversity, putting investors into dismay, they added.
The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), declined 18.3 points to settle at 6,228 against 6,246 in the previous trading session.
Among other indices, the DS30, the blue-chip index, went down 2.60 points or 0.12 per cent to 2,221, and the DSES, the Shariah-based index, fell 4.42 points or 0.32 per cent to 1,362.
Meanwhile, the turnover of the premier bourse declined to a nearly 1.5 month low yesterday.
The turnover fell by 16.2 per cent to Tk 285 crore yesterday against Tk 340 crore in the previous session.
The market kept wading through choppy trading as sell pressure continued to mount on the majority of scrips, while the market went into a liquidity crisis since investors remained reluctant to take fresh bets in equities, said EBL Securities, a stockbroker, in its daily market review.
Investors opted to remain cautious until the market shows a positive trigger to return to a persistent positive momentum, it added.
The pharma sector topped the turnover chart with a contribution of 13.9 per cent to the total turnover of the DSE, followed by IT (11.7 per cent) and the miscellaneous (11.6 per cent) stocks.
Almost all the sectors displayed dismal returns at the capital bourse, with the paper displaying the highest loss of 5.3 per cent, followed by tannery (2.0 per cent) and IT (1.6 per cent). On the other hand, the mutual fund alone posted a marginal gain of 0.2 per cent.
The ICB AMCL CMSF Golden Jubilee Mutual Fund topped the gainer list with a return of 9.3 per cent, while Apex Footwear Limited was the day’s worst sufferer with a loss of 8.07 per cent yesterday.
Out of the securities traded, 18 stocks surged, 148 issues declined and 225 scrips did not see any movement on the DSE trading floor.
The port city bourse, CSE, also settled on red terrain, with its two major indices – the selected indices (CSCX), and all-share price index (CASPI) – declining by 26.7 points and 44.3 points respectively.
