Stocks slide for second straight day
The equity indices of the Dhaka and Chattogram bourses extended their losing streak for the second consecutive day as investors opted for booking short term profits.
DSEX, the broad index of the Dhaka Stock Exchange (DSE), declined marginally by 0.15% or 10 points to close at 6,528 on Monday.
"The market observed a see-saw pattern of trading throughout the session as investors were active on both sides of the trading fence while sellers outnumbered buyers due to a profit-taking tendency from a segment of investors in an attempt to reshuffle their portfolios," EBL Securities explained the market behavior in its daily commentary.
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Moreover, fragile investor confidence was evident as investors were unable to settle down for sector-specific stocks and sought quick gains instead.
DS30, the blue-chip index of the premier bourse, fell by 0.7% on Monday, following the recent outperformance of some large-cap stocks.
Stockbrokers and analysts said smart investors are closely observing Europe's situation regarding the supply of Russian gas in the upcoming winter as it would drive the global energy markets alongside determining the pace of Bangladesh's apparel export and shaping the import bills.
Overall participation of investors also declined on Monday as the DSE turnover dropped 19.6% to Tk1,361 crore compared to the previous session.
On the sectoral front, miscellaneous, pharmaceuticals, and engineering contributed 23.6%, 22.1%, and 8.5% respectively of the daily turnover.
Most of the sectors displayed mixed returns, out of which, travel and leisure, paper, and IT generated the highest returns – 3%, 1.5%, and 0.9% respectively.
On the other hand, service and real estate, ceramic, and pharmaceuticals faced the highest corrections.
Out of the 386 issues traded, 124 advanced, 115 declined, and 139 remained unchanged in the DSE.
Indices of the Chittagong Stock Exchange also settled in the red terrain while turnover in the port city bourse dropped to below Tk28 crore from over Tk41 crore.
