Price fall in large-cap drives stocks down

Stocks yesterday extended their losing streak as broad-based selling pressure, coupled with subdued investor confidence, outweighed optimism over potential regulatory support while persistent energy concerns and uncertainty ahead of the earnings season kept investors cautious, reports BSS.

The DSEX, the broad index of the Dhaka Stock Exchange (DSE), fell 28.1 points to settle at 5,539, compared with 5,567 in the previous session.

The market opened on a positive note as investors continued bargain hunting following recent sharp declines. However, the early gains failed to sustain as selling pressure intensified during the mid-session, pushing the index into negative territory.

Meanwhile, market turnover declined 3.3 percent to Tk 590 crore from Tk 570 crore in the previous session.

Textiles accounted for the highest share of turnover at 30.3 percent, followed by general insurance at 13.5 percent and pharmaceuticals at 9.2 percent.

However, the port city bourse, Chattogram Stock Exchange (CSE), ended in positive territory. Its selected indices, CSCX and CASPI, gained 0.1 points and 8.2 points respectively.

Most sectors posted negative returns. Textile declined 1.7 percent, ceramic 1.4 percent and general insurance 1.1 percent. Services were the only notable gainer, rising 0.4 percent.

Of the 395 issues traded, 245 declined, 80 advanced and 70 remained unchanged.