Stocks started the week in red yesterday with lacklustre trading.
The market was in positive territory in the first session and later it started to decline on selling pressure mainly from tannery, telecommunications, pharmaceuticals and non-banking financial institutions.
After two consecutive sessions of gains, the benchmark index DSEX fell 29 points or 0.7% to close at 4,478. Shariah Index DSES was down 8 points or 0.9% to 973. The blue-chip comprising DS30 shed 15 points or 1% to end at 1,593.
Chittagong Stock Exchange Selective Category Index, CSCX, closed at 8,689 with a fall of 83 points.
Participation slowed down further with average turnover of last two weeks still remaining below Tk300 crore level.
The DSE turnover stood at Tk277 crore, down over 7% compared to the previous trading day, indicating sellers’ unwillingness to sell stocks at this lower price level. Engineering sector alone contributed over 15% of the total turnover.
Tannery sector took the highest hit, eroding by more than 4%, followed by telecommunications, pharmaceuticals and non-banking financial institutions that lost more than 1% each. Banks and power edged lower compared to other major sectors.
Food and allied was the only sector that closed in positive territory.
IDLC Investment said with the back of volatility, the bourse once again observed lacklustre trading. Alongside, cyclical thrust was prominent as more than 70 scrips posted more than 3% change in their respective prices, it said.
It said since micro cap scrips offered better return amid cyclical trading, investors went for gripping lucrative scrips amid this cap class. “Resultantly, except micro cap that edged higher, rest of the cap classes turned negative.”
Zenith Investment said market could not sustain the pressure from sellers, and ultimately plunged down to negativity. “Market still remains directionless, as investors still seem edgy even after returning from the holidays.”
Eastern Housing was the most traded stock of the session with a turnover of Tk14 crore. It was followed by Lafarge Surma Cement, Bangladesh Shipping Corporation, Bangladesh Submarine Cable Company Ltd, Emerald Oil Industries, National Tubes and Square Pharmaceuticals.