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Stocks continue bleeding

DSEX drops below 4000 points on poor corporate disclosures

WT24 Desk
Key Share price index at the country’s premier bourses- Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) experienced loss on Monday, the first trading day of the week. The broader price index of Dhaka Stock Exchange (DSE) dropped below 4000-point mark when some major sectors suffered big loss following poor corporate disclosures. The DSE benchmark index, DSEX shed 87.55 points or 2.16 percent to close at 3959.74 on the day. Of the 305 issues traded, 68 gained, 218 declined and 19 remained unchanged. LankaBangla securities on its daily market analysis, said, “The market saw sharp cuts, dragged down by bank, textile and oil and gas stocks while the DSEX closed down 87.55 points or 2.16 percent on Monday followed by two losing streaks.” The leading stockbroker also said, “Poor performance by most of the companies in March quarter earnings wrecked investor sentiment. Investors is going through the earnings season and looking for companies that show some sort of visibility. However, few large dividend declaring stocks stood out in the market.”  IDLC Finance said, “Lower earning disclosures resulting from first quarter’s political blockade red pessimism and brought other collapse across the market, snatching 87.5 points off of DSEX.
“Investors remained hooked to selling off their positions amid growing level of fear”, IDLC said.

Progati Insurance, Monno Stafflers, GQ Ball Pen and Golden Son were among the top five of the lagging issues from across the board.  Some large dividend declaring stocks, however, closed higher amidst the wholesale price fall. The top advancing issue was Intech with 31.25 percent gains at close. Unlike BSRM Limited, share price of the company surged on post-disclosure trading even after announcing 10.0 percent stock dividend.   The other major gaining securities of the day’s 52 advancing issues were Wata Chemicals, ACI Formula, FEKDIL and Gemini Sea Food.

UPGDCL regained the top position as the day’s most liquid scrip followed by ACI Formula, ACI, Square Pharma and Lafarge Surma Cement.  The trade value fell on declining share prices, but the turnover volume rose on selling pressure. A total of 8.03 crore shares worth Taka 330 crore changed hands on the day, which was 4.79 percent higher in volume, but 13.57 percent lower in value compared to the last session’s transaction.

Shares worth Tk 330.44 crore changed hands at the DSE on Monday against Tk 382.31 crore on last Thursday.  The day’s top 10 losers at the DSE were BSRM Limited, Pragati Insurance, Monno Jute Stafflers, GQ Ball Pen, Golden Son, Legacy Footwear, RN Spinning Mills, Deshbandhu Polymer, Central Pharmaceuticals, and BSRM Steels.  The top five turnover leaders at the DSE were United Power Generation & Distribution Company, ACI Formulations, ACI, Square Pharmaceuticals, and Lafarge Surma Cement.

The CSE key index, CSCX dropped 115.17 points to reach 7433.82 at close on Monday. Of the 220 issues traded, 44 advanced, 154 suffered loss and 22 remained unchanged.  The value of the traded issues was Tk 25.06 crore on the day at the CSE.

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