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Stocks opens week in the red

WT24 Desk

Stocks extended loss to open another week on Sunday as market experienced low level of transactions due to slack demands. All the indicators of both Dhaka and Chittagong stock exchanges were marginally down at close, BSS reports.
The broader index of Dhaka Stock Exchange (DSE) was 7.49 points down at 4387.78 when the blue-chip DS30 and the Shariah DSES inched down at 1724.33 and 1080.74 respectively.

Analysts said the market had been experiencing downward trend in the past few sessions when investors were awaiting finalisation of the proposed national budget for 2016-17 financial year (FY17). The budget is scheduled for approval by the parliament on June 30.

The lower activities resulted in over 39.0 percent fall in daily trade value that was Taka 321.46 crore at close, with the daily trade volume falling by 3.45 percent to 9.18 crore shares.

Similarly, Chittagong Stock Exchange (CSE) ended the opening session down, with its major CASPI closing 17 points down at 13512.40. The CSE also saw most of the issues losing in lower demand. 73.32 lakh shares changed hands for Taka 20.90 crore.

Majority of issues traded incurred loss on the week’s opening day at both DSE and CSE. On DSE, 90 issues advanced against 176 falling securities when out of the day’s 237 issues traded, 70 gained against 122 declining securities.

On the falling market, constructions and financial securities were under sell pressure, with bank and cement issues declining most. Food and telecom securities also suffered major loss when the major losers were Rupali Bank, Padma Oil, Zahin Tex, Zeal Bangla and the 8th ICB.

Pharmaceutical sector advanced on the day amidst falling shares price across the board, making Acme Lab the day’s turnover leader. The other most traded issues were BBS, Aman Feed, Qasem Drycell, Oal, Orion Infusion and Doreen Power.

The top five advancing issues were GHCL, KBPPWBIL, Libra Infusion, Agrani Insurance and Qusem Drycell.

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