Stocks fell amid nervous selling yesterday extending their losing streak for the third straight session.
The market opened sharply lower as the main index plunged over 56 points in mid-session spooked by heavy sell pressure on large cap stocks. However, it recovered some points at the wee hour.
The benchmark index DSEX declined 32 points or 0.7% to 4,626. The Shariah index DSES was marginally down over 1 point to 1,115. The blue chip comprising index DS30 witnessed fractional loss of 0.6 point to settle at 1,750.
The Chittagong Stock Exchange Selective Category Index CSCX also suffered a fractional loss of 0.9 points to 8,653.
Trading activities continued to remain poor on the Dhaka Stock Exchange. Its turnover increased only 2% to Tk427 crore.
Lanka Bangla Securities said the market players were nervously trading as volatility spiked amid lack of market triggers.
As large cap stocks faced selling pressure more than the low cap ones, the market breadth remained positive. Out of 327 scrips traded on DSE, prices of 162 advanced, 118 declined and 41 remained unchanged.
Large caps like Grameenphone (GP), BATBC, Square Pharmaceuticals and Lafarge Surma Cement remained out of favour, significantly contributing to pull the market down in the morning. Some recovery in large cap stocks and marginal rally in banks offset losses. Other sectors, including cement, non-banking financial institutions and power closed marginally negative.
Low cap textile sector remained favourite as it continued to top turnover leader for the third consecutive day, making up 25% of the total traded value on DSE.
Moreover, textile was the best performer of the day, surging 1.2% as high export growth was registered so far in FY’16.
Engineering and Power also dominated the trading, together accounting for more than 25% over the previous session.
Emerald Oil Industries, United Power Generation and Distribution Company, All Textile, CAN Textile, ITC, IFAD Autos and Dacca Dyeing were the most-traded stocks.