Stocks slip into red after a two-day break

Business Report :
The stock market slipped into the red on Sunday, snapping a two-day gaining streak, as the risk-averse investors preferred to realise their short-term gains amid rising political tension.
The market opened higher and remained positive until the first half of the day’s session but later half went down steadily, eroding all the initial gains.
DSEX, the benchmark index of the Dhaka Stock Exchange, finally went down by 5.65 points to settle nearly at 6,334, after gaining 8 points in the past two trading days.
The DS30 Index, which comprises blue-chip companies, saw a fractional loss of 0.75 point to 2,159 while the DSES index, which represents Shariah-based companies, shed 2 points to 1,371.
Turnover, a crucial indicator of the market, also dropped to Tk 6.26 billion, which was 7.5 per cent lower than the previous day’s turnover of Tk 6.77 billion.
Market analysts said the investors mostly preferred to realise their short-term gains and hold onto cash positions following the ongoing corporate earnings declaration, said EBL Securities.
Small-cap Fu-Wang Food kept its dominance in the turnover charts with shares worth Tk 432 million changing hands, followed by Al-Haj Textile, Sea Pearl Beach Resorts, Delta Life Insurance and Khan Brothers PP Woven Bag Industries.
Al-Haj Textile was the day’s top gainer, registering an increase of 9.99 per cent while Meghna Insurance was the worst loser, losing 7.42 per cent.
The Chittagong Stock Exchange (CSE) also ended lower, with the CSE All Share Price Index (CASPI) losing 16 points to settle at 18,701 and the Selective Categories Index (CSCX) shedding 9 points to close at 11,179. Of the issues traded, 72 declined, 46 advanced and 61 issues remained unchanged on the CSE.
The port city’s bourse traded 2.52 million shares and mutual fund units with a turnover value worth Tk 158 million.