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Dhaka Tribune

Stocks end lower for second day

Update : 11 May 2014, 08:14 PM

Stocks fell for the second consecutive session yesterday amid cautious trading.

The benchmark index DSEX lost almost 57 points or 1.3% to close at 4498 – its six week low. Shariah Index DSES was down 9 points or 0.9% to 1,004. The blue-chip comprising DS30 fell 21 points or 1.3% to 1,645.

Chittagong Stock Exchange Selective Category Index, CSCX, shed 93 points to 8,669. 

Participants remained mostly passive, putting turnover below Tk400-crore level. The DSE turnover stood at Tk478 crore, an increase of more than 8% over the previous session.

Almost all the major sectors closed in red with market bellwether banks losing the most 1.68%. It was followed by food and allied that shed 1.6%, power 1.4%, pharmaceuticals 1.4% and telecommunications 0.9%.

Pharma Aids that resumed share trading after three months gained highest 9.6%. IDLC Investments, in its daily market analysis, said mid caps extended the losing trend to the session. 

“Alongside, budgetary expectations seemed started playing its role in the market. As a result, prime index lost 77 points in last two sessions and went below psychological support level of 4,500 points, again after 26 sessions,” it said. Lanka Bangla Securities said market hit on more than one month’s low amid a cautious trading session. 

“The wider concern revolves around the market with some concern that further sale off could trigger the down side in market,” it said adding that market has discounted a bunch of weaker than expected quarterly earnings. 

Zenith Investments said like the first day of the previous week, market once again drifted to negativity with narrow turnover volume. 

“Low foreign trade with upcoming holiday this week, have somewhat taken the vibe off from the market, where stocks are experiencing low liquidity inflow.”

Grameenphone was the most traded stocks with shares worth almost Tk18 crore changing hands, followed by Heidelberg Cement, Matin Spinning, Emerald Oil Industries, Bangladesh Submarine Cable Company Ltd and Orion Pharma. 

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