Bearish spell continued at the stock market with benchmark index slipping further yesterday, as investors took time to adjust with new trading platform that launched Thursday.
The market opened with back foot in the morning and the negative trend became stronger as days passed.
The benchmark DSEX shed over 40 points or 0.9% to close at 4,892, sinking to two-week low and extending its losing streak for the third consecutive session.
The Shariah index DSES was down 5 points or 0.5% to 1,150. The comprising blue chips DS30 ended at 1,808 with a fall of 15 points or 0.9%.
Chittagong Stock Exchange (CSE) Selective Categories Index, CSCX, settled at 9,167, dropping more than 89 points.
The market continued to experience sluggish sentiment due to launching automated trading platform by the Dhaka Stock Exchange.
The DSE turnover stood at Tk200crore, an increase of more than 46% from previous session’s 14-month low.
Lanka Bangla Securities said market passed another sluggish trading session and slumped to two weeks’ low as investor upheld cautious mode and were taking time to be accustomed to the new trading system.
All the major sectors declined except cement and IT, which rallied more than 1% each. Financial stocks battered most with banks falling 1.2%, followed by non-banking financial institutions, textile, engineering and pharmaceuticals.
Under the new trading platform, the DSE will review its charges on share trading in its board meeting scheduled for today, following a jump in the number of trades for share transaction after the introduction of the lot-free trading system.
IDLC Investments said the market observed another major slump, while sellers outnumbered the buyers amid low turnover.
It said despite improved turnover from the previous day, total trade value was only around Tk200 crore. “Sluggishness in turnover was partly explained by the adoption of new trading software in DSE.”
Zenith Investments said brokerage houses were facing difficulties using new DSE software which is one of the major reasons for the ongoing downtrend.
“Index became crippled under massive selling pressure with narrow turnover volume.”
