Stocks extend losing streak

Stocks on Monday extended losing streak for a second consecutive session, as investor confidence came under renewed pressure amid adjustment in domestic fuel prices adding to cost-side concerns, while persistent uncertainty surrounding Middle East ceasefire negotiations further dampened risk appetite.

The broad index of the Dhaka Stock Exchange, declined by 15.0 points or 0.3 per cent to settle at 5,232 points, as against 5,248 points in the previous trading session, reports BSS.

Market indices traded under pressure from the opening bell, with selling pressure intensifying into a sharp mid-session decline.

Although buyers attempted to reverse the trend, persistent selling pressure outweighed the recovery effort, leading the market to close in negative territory.

Nevertheless, market turnover remained resilient, while slightly increasing by 0.7 per cent to TK 8.2 billion from TK 8.1 billion in the previous session.

On the sectorial front, Engineering (17.5) per cent accounted for the highest share of turnover, followed by Textile (14.8) per cent and Pharma (11.8) per cent sectors. Sectors mostly displayed dismal returns, out of which Travel (-1.2) per cent, Jute (-1.0) per cent and Cement (-1.0) per cent displayed the most corrections on the bourse on Monday, while Services (1.5) per cent, Tannery (1.1) per cent and Textile (0.6) per cent exhibited positive returns.

Of the 397 issues traded, 119 advanced, 206 declined, and 71 remained unchanged.

The port city bourse, CSE, also settled on a negative territory. The Selective Categories’ Index (CSCX) and All Share Price Index (CASPI) declined by 11.2 points and 27.8 points, respectively.