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Dhaka Tribune

Stocks edge lower on sale pressure

Update : 17 Dec 2013, 06:54 PM

Stocks edged lower yesterday with continued volatile trade for the third straight session due to nervous selling pressure.

The market opened higher in the morning but pulled down by strong sell pressure by the risk-averse investors at close.

After rising 45 points in the morning, the benchmark DSEX ended at 4,270, shedding 10 points or 0.3%, which is two week-low. The DS30 comprised of blue chip stocks fell over 7 points or 0.5% to 1,478.

The Chittagong Stock Exchange Selective Category Index, CSCX, was down 2 points to 8,402.

“Stock market reacted dodgy in first few hours of trading session, speeding up almost 30 points amid another fresh spell of blockade and unclear economic outlook,” said Lanka Bangla Securities.

However, late hour sell pressure brought back the gaining streak down, it said.

The country is facing long spell of blockade enforced by the BNP-led 18-party alliance, demanding national election under a caretaker government system.

The trade and commerce, education and everything, including all walks of life, came to a halt due to the blockade and political violence across the country.

Among the major sectors, financial sector saw a consolidation losing the market capitalisation in bank and non-banking financial institution by 0.8% and 0.3% respectively.

Small capitalised and speculative stocks continued to dominate the market activity.

Activities increased in the major bourse (DSE) where turnover, volume and trade were up 19.32%, 24.06% and 16.93%, respectively.

However, the market breadth remained positive as out of 289 issues traded, 150 gained and 118 declined and 21 remained unchanged.

Despite a robust start, market struggled in the first half, only to surrender to downbeat in the later half, warranting another negative session for the third consecutive time, said IDLC Investment.

All major sectors except textile that edged 0.4% up closed red. The peculiarity suggested investors’ harboring a pessimistic sentiment over the entire economy, said IDLC.

Strong selling pressure has pushed the turnover as it stood at nearly Tk6bn, which was over 19% higher over the previous session.

Dominance of small cap scrips was observed, reflecting investors took advantage of short-term price fluctuations, rather than forming long-term investment outlook.

Generation Next Fashion was the week’s top turnover leader with shares worth Tk261 crore changing hands during the week, followed by Paramount Textile, CVO Petro Chemical Refinery Ltd, Lanka Bangla Finance, Delta Life Insurance, Golden Son, Envoy Textile and Aamra Technologies.  

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