The bleeding of stocks in Bangladesh’s capital markets has been continuing as risk-averse investors kept reducing their investment exposure due to the dwindling confidence and concerns regarding the market outlook.
The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), declined 9.4 points to settle at a nearly 2 month-low of 6,288 against 6,297 in the previous trading session.
Turnover, another crucial market indicator, rose by 11.8 per cent to Tk 426 crore against the tally of Tk 381 crore in the previous session.
The food and allied sector topped the turnover with a contribution of 19.8 per cent of the total turnover of the DSE, followed by general insurance (12.9 per cent) and pharma (10.9 per cent).
Fu Wang Food Ltd was the most traded stock with Tk 21 crore worth of its shares changing hands, followed by Rupali Life Insurance Company, and Sonali Paper and Board Mills Ltd.
Despite the market being afloat until mid-session, the subsequent dominant sale pressure from cautious investors wiped out all the early gains and led the market to dip into negative territory again, said EBL Securities, a stockbroker, in its daily market review.
Some insurance stocks, however, regained momentum owing to the buying appetite of short-term gain focused investors, it added.
Most sectors displayed dismal returns, with the travel facing the highest correction of 1.7 per cent, followed by IT (1.2 per cent) and life insurance (1.1 per cent), while the jute reported the highest gain of 2.7 per cent, followed by paper (2.3 per cent) and general insurance (2.1 per cent), according to EBL Securities.
As per the daily market review of Brac-epl Stock Brokerage, all the large-cap sectors posted negative performance on Sunday, with the food and allied experiencing the highest correction of 0.23 per cent, followed by pharmaceutical (0.22 per cent), engineering (0.18 per cent), bank (0.06 per cent), NBFI (0.04 per cent), fuel and power (0.02 per cent), and Telecommunication (0.00 per cent).
Continental Insurance Ltd rose 9.5 per cent to become the day’s top gainer, while Fu Wang Food Ltd fell 9.9 per cent, becoming the day’s worst sufferer.
Out of the securities traded, 75 advanced, 89 declined and 228 remained unchanged.
The port city bourse, CSE, also settled on red terrain, with its two major indices – the selected indices (CSCX), and the all-share price index (CASPI) – declining by 18.5 points and 31.0 points respectively.
