Stocks drop for fifth day
The benchmark index of Dhaka Stock Exchange (DSE) extended its losing streak for a fifth consecutive trading day yesterday.
The country's premier bourse opened on a negative note as investors were cautious in spending funds apparently amidst growing apprehensions over economic uncertainties centring the recent Middle East crisis.
The DSEX went down 32.98 points, or 0.58 percent, from that on the day before to 5,653.71.
Meanwhile, the DSES, the index that represents Shariah-compliant companies, dropped 8.01 points, or 0.64 percent, to close at 1,238.55.
Likewise, the DS30, which comprises blue-chip stocks, fell 2.13 percent to 1,982.43 points.
The market movement was driven by negative changes in the market capitalisation of travel and leisure, financial institutions, and paper and printing scrips, according to the daily market update of Shanta Securities.
Market capitalisation refers to a company's worth as determined by the total market value of all outstanding shares.
The daily turnover, which indicates the volume of shares traded during the session, stood at Tk 478 crore, a decrease of 8.47 percent compared to the previous day of trade.
The pharmaceuticals sector dominated the turnover chart, accounting for 21.21 percent of the total.
In its daily market update, BRAC Stock Brokerage said most sectors which account for large amounts in market capitalisation posted negative performances, with non-bank financial institutions experiencing the highest loss of 3.34 percent.
It was followed by engineering (1.89 percent), food and allied (0.97 percent), fuel and power (0.96 percent), pharmaceuticals (0.84 percent), bank (0.26 percent), and telecommunication (1.35 percent).
The total block market turnover stood at Tk 20.6 crore, representing 4.3 percent of the day's total turnover.
In a block market, buyers and sellers are fixed in advance, which means traders agree to set a price and then buy and sell shares in this market. However, shares cannot be bought or sold for fewer than Tk 500,000 in the block market.
Asiatic Laboratories was the most traded share with a turnover of Tk 29.1 crore.
Of the issues that were traded at the DSE, 75 advanced, 285 declined and 33 did not see any price fluctuation.
Paramount Insurance Company topped the gainers' chart with a rise of 9.97 percent, followed by Golden Son with 8.09 percent.
Shasha Denims, Robi Axiata, Pharma Aids and Salvo Chemical Industry followed suit with 6.79 percent, 5.51 percent, 5.14 percent and 5.05 percent respectively.
Pubali Bank, Midland Bank, Northern Islami Insurance and Deshbandhu Polymer also featured on the top gainers' list.
First Finance shed the most, losing 9.09 percent, followed by the International Leasing and Financial Services, ADN Telecom and Khulna Printing & Packaging.
Moreover, National Credit and Commerce Bank, Islamic Finance & Investment, Coppertech Industries, Sonargaon Textiles, Delta Spinners and LankaBangla Finance lost over 5 percent each.
Among the sectors, telecommunication was the sole one to close in the positive.
Chittagong Stock Exchange saw a similar trend as the Caspi, the main index of the port city bourse, fell by 119.48 points, or 0.730 percent, to close at 16,125.03 points.