Stocks lose momentum

Stocks today failed to sustain its upward momentum as investors opted for profit-taking and adopted a cautious stance ahead of potential changes to margin rules, amid persistent macroeconomic and geopolitical uncertainties.

The DSEX, the broad index of the Dhaka Stock Exchange (DSE), fell 6.3 points to settle at 5,897, compared with 5,904 points in the previous trading session.

The market opened on an optimistic note, with buying interest sustained across sectors until mid-session. However, broad-based selling pressure emerged later, eroding the earlier gains and pushing the benchmark index into negative territory at the close.

Market turnover declined 3.7 percent to Taka 1070 crore from Taka 1110 crore in the previous session.
Textile stocks accounted for the highest share of turnover at 22.8 percent, followed by General Insurance at 17.9 percent and Pharmaceuticals at 8.8 percent.

Most sectors posted mixed returns. Jute, Ceramic and Textile recorded the highest gains, rising 2.4 percent, 1.3 percent and 1.1 percent respectively.

On the other hand, Mutual Fund declined 2.2 percent, Life Insurance 1.9 percent and Financial Institutions 1.3 percent, exerting the most downward pressure on the market.

Of the 395 issues traded, 119 advanced, 229 declined and 47 remained unchanged.

Meanwhile, the Chattogram Stock Exchange (CSE) ended its session in positive territory. Its selected index, CSCX, gained 11.4 points while the All Share Price Index (CASPI) advanced 37.8 points.