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BD Stocks lose steam to open week

The broader DSEX index of Dhaka Stock Exchange (DSE) on Sunday gave up most of its weekly gains and closed 38.71 points down at 4917.37, following a big fall in turnover apparently due to rising political concern, according to BSS.
The daily turnover value fell by 24.05 percent to Taka 251.45 crore and the volume by 27.21 percent to 6.31 crore shares on the first day of the week against the last week’s closing of 8.67 crore shares worth Taka 331 crore.
The benchmark DSEX index consolidated further last week through maintaining its position over 4900-point mark at all the trading sessions since the first day of this year. The turnover at the bourse also increased on Thursday as some institutional investors were active on the trading floor after their year-end share sell-offs.
The index on Sunday sustained its position above the 4900-point mark for the 14th straight trading session, but the expectation of reaching at the upper comfortable level evaporated at least for now as it took a sharp u-turn.
The blue-chip DS30 lost 18.69 points to 1820.70 under selling pressure from mainly small investors who were cashing in to avoid further price volatility. For similar reason, the Shariah DSES was down by 11.89 points to 1162.46.
The market saw wide range of price fall due to low level of buying while selling pressure was high. Out of 306 issues traded, only 49 were on the advancing side when 223 declined across the board and 34 remained static.
Shares of A-category suffered most on the day, with 183 were losing against only 37 advancing scrips from the active and large-cap group. None of the newly listed issues gained on the day when six incurred losses and one remained unchanged among seven issues traded.
Mutual fund also saw wholesale price fall when 15 declined, 11 gained and eight remained unchanged out of 34 traded scrips.
Lanka Bangla Securities Limited attributed the price fall to the unstable political situation that made investors cautious about taking long position in equities.
CVO Petrochemical topped the turnover leaders followed by IDLC, BBS, Agni System and Saif Power. Among the sectors, fuel and power, textile, pharmaceuticals, engineering and NBFI shared the major portion of the day’s market capitalization.
The major gainers were Renwick Jajneswar, Samorita Hospital, CVO Petrochemical, Pharma Aid and Ambee Pharma. The major losing issues included Samata Leather, SPCL, PF1stMF, NTC and Midas Financing.

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