Stocks continued to slide for the fifth straight session yesterday with further decline in volume of trade.
The benchmark of the Dhaka Stock Exchange, DSEX, declined 32 points or 0.8% to close at 4,457 – its lowest since June 14 last.
The Shariah index, DSES, was down 7 points or 0.7% to 1,092. However, the blue chip comprising index DS30 shed 16 points or almost 1% to 1,717. The Chittagong Stock Exchange prime index, CSCX, settled at 8,370, losing more than 50 points.
After improving two sessions, trading activities went down as the DSE turnover that stood at over nearly Tk373 crore, down 14% over the previous day, indicating that investors were cautious in taking part in trading.
Following the news of US Food and Drug Administration (FDA) approval of oral solid dosage facilities of the country’s two leading drug makers – Beximco Pharmaceuticals and Square Pharmaceuticals – dominated the trading.
Beximco Pharma that fell 2.5% was the most traded stocks with shares worth more than Tk19 crore and Square Pharmaceuticals that gained almost 1% was the fourth most traded stocks.
ICB mutual funds did not make any significant reaction to the news that all the ICB-managed mutual funds would have to be wrapped up by this year. However, two other mutual funds AIMS First Mutual Fund and Grameen First Mutual Fund jumped 10% and 6% respectively.
Cement sector was the worst loser declining almost 2%, led by Lafarge Surma Cement that was down 3.4% after rising in the previous session following its 10% cash dividend (5% interim and 5% final) deceleration for the first time.
IDLC Investments said investors turned cautious as DSEX gave away 4,500 points resistance. As a result, market encountered sale pressure from the beginning, which was unmatched by the buy-side, it said.
“Therefore, prices broke out of their choppy moves and headed downhill.”
