Stocks ended lower on Sunday as investors remained cautious amid the absence of strong catalysts to sustain positive momentum.Corporate stock news
The benchmark DSEX of the Dhaka Stock Exchange lost 38.64 points, or 0.66 per cent, to close at 5,822.
The benchmark index of the capital market closed lower in the first session of the week, extending its losing streak to a second consecutive session as investors remained cautious amid the absence of strong catalysts to sustain positive momentum, according to EBL securities.
Price corrections witnessed by blue-chip stocks largely intensified the fall of the index.
The top 10 index draggers wiped out 17.3 points from DSEX. British American Tobacco Bangladesh alone accounted for a 2.6-point fall in the index.
The other top index draggers included Islami Bank, Bangladesh Steel Re-Rolling Mills Limited, Square Pharmaceuticals, Beximco Pharmaceuticals and Pubali bank limited.
The DS30 index, comprising blue-chip companies, decreased 14.56 points to 2,177.29, while the DSES index, which tracks Shariah-based stocks, decreased 6.66 points to 1,174.
The market remained under selling pressure from the opening bell, as profit-taking from the previous session persisted. Investor attention also shifted towards small-cap and momentum-driven stocks, weighing further on the broader market, according to EBL securities.
Market participation declined on Sunday, with turnover on the Dhaka Stock Exchange (DSE) reduced to Tk 9.6 billion from Tk 11.5 billion in the previous session.
Losers outnumbered gainers on the DSE floor. Of the 392 issues traded, 78 closed higher and 286 ended lower, while 27 remained unchanged.
Textiles accounted for the largest share of the day's turnover at 21.7 per cent, followed by general insurance at 16.1 per cent and engineering at 9.7 per cent.
Almost all sectors closed in the negative territory. Mutual funds suffered the steepest correction, falling 3.4 per cent, followed by financial institutions and IT, which declined 1.9 per cent and 1.7 per cent respectively. By contrast, paper, miscellaneous and jute were the only sectors to post gains, advancing 1.0 per cent, 0.4 per cent and 0.2 per cent respectively.
The port city bourse, Chittagong Stock Exchange (CSE), also closed lower. Its Selective Categories'
Index (CSCX) and All Share Price Index (CASPI) declined by 59.3 points and 107.0 points respectively.
