Stocks extended losing streak for the fourth straight session yesterday with benchmark index DSEX slipping to more than five-month low.
The market opened positive in the morning for a while but selling pressure mainly on pharmaceuticals, telecommunications, energy and cement pulled down the market.
The DSEX lost 20 points or 0.5% to close at 4,339 – lowest since January 7 this year.
The Shariah index DSES dropped nearly 9 points or 0.8% to 1,001. The comprising blue chips DS30 fell 12 points or 0.8% to close at 1,605.
Chittagong Stock Exchange (CSE) Selective Categories Index, CSCX, was down 30 points to 8,260.
Turnover at DSE dipped below Tk300 crore, slipping to two-week low. It stood at Tk260 crore, which was more than 17% over the previous session. Cement sector posted the highest contribution of over 17% of the total turnover.
All the major sectors closed red with pharmaceuticals losing the most 0.7%, followed by telecommunications 0.5%, food 0.4%, power 0.4% and banks 0.3%.
Losers took a lead over the gainers, as out of 292 issues traded, 102 closed positive, 145 negative and 45 remained unchanged.
Lanka Bangla Securities said repeated closing of index below the 10-day moving average is an indication that the short-term trend remains negative.
It said, currently 4,300 point is playing as psychological support level and market is testing this level.
Dragged by profit booking on selected stocks of banks, financial institutions and power sectors over consistent low market participation, index has reached to its five-month low.
Lafarge Surma Cement was the most traded stock of the session with turnover of nearly Tk35 crore, followed by Grameenphone, BSRM Steel, Square Pharmaceuticals, Beximco Ltd, Peninsula, Bangladesh Submarine Cable Company Ltd and Heidelberg Cement.
