Stocks extend losing streak as large-cap shares drag market

Stocks extended their losing streak on the Dhaka Stock Exchange (DSE) on Tuesday as selling pressure on large-cap shares dragged down the broader market amid subdued investor sentiment and concerns over corporate profitability.

The DSEX, the benchmark index of the DSE, shed 33.0 points to close at 5,400 points, down from 5,433 points in the previous trading session, according to BSS report.

The market opened on a weak note as selling pressure dominated from the outset. Despite a brief attempt to recover from the initial decline, the market remained under downward pressure throughout the session, with most traded securities closing in negative territory.

Market turnover also declined by 4.7 percent to Tk 410 crore from Tk430 crore in the previous session, reflecting cautious investor participation.

Investor sentiment remained subdued amid ongoing corporate earnings and dividend declarations, while rising global energy prices following renewed geopolitical tensions in the Middle East heightened concerns over corporate profitability.

On the sectoral front, banking stocks accounted for the highest share of turnover at 20.5 percent, followed by textile stocks at 19.4 percent and pharmaceutical stocks at 11.8 percent.

Most sectors posted negative returns, with ceramic stocks falling 2.3 percent, paper stocks 1.8 percent and general insurance stocks 1.6 percent.

In contrast, services and jute stocks each gained 1.2 percent.

Of the 397 issues traded on the DSE, 248 declined, 73 advanced and 74 remained unchanged.
The Chittagong Stock Exchange (CSE) also closed in negative territory.

Its Selective Categories’ Index (CSCX) declined by 18.8 points, while the All Share Price Index (CASPI) fell 22.8 points.