Stocks tumble for third straight session

Stocks fell for the third consecutive session on Sunday as investors took a cautious stance and refrained from further investment amid an uncertain economic outlook.

DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), inched down by 0.2% to 6,245 points, compared to the previous trading session.

Also, the blue-chip index DS30 slid by 4.3 points to 2,204, and Shariah index DSES by 4 points to 1,368.

Overall participation at the Dhaka bourse also declined on Sunday as the DSE turnover decreased by 20% and stood at Tk340.48 crore. Of the amount, over 20% came from block market trade where investors were able to trade below the floor prices.

According to the daily market commentary of EBL Securities, investors chose to liquidate their holdings on Sunday and preserve purchasing power keeping the uncertain economic outlook in concern.

"The prolonged bearish sentiment in the market has kept investors engaged in continuous sell-offs in absence of any major trigger for the market to bounce back."

Moreover, prevailing adversities on the macroeconomic front, dismal performance forecasts of the listed companies, and squeezed liquidity in the market have also weakened investor confidence, the commentary read.

On Sunday, 50 scrips traded at Tk66.2 crore in total, out of which, 14 traded below the floor price.

Share prices of 221 companies remained unchanged as they have been stuck at their floor prices. Only 30 scrips advanced and 55 declined on the DSE on Sunday.

Newly listed company Islami Commercial Insurance logged the highest price appreciation list as its share price jumped by 9.97% on its debut trading day.

On the other hand, the share price of Orion Infusion corrected the most on the day.

On the sectoral front, pharmaceuticals, engineering, and fuel and power sectors contributed the most to the day's turnover.