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Stocks widen loss amid large cap selling

WT24 Desk
Key share price indices at the country’s twin bourses — Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) experience loss on Wednesday, the fourth trading day of the week, agencies report.  Stock market closed lower for the fifth consecutive sessions when selling of large cap securities noticeably intensified at the prime bourse by investors who were cashing in apparently for meeting expenses for Eid festival.The DSE benchmark index, DSEX lost 32.21 points or 0.72 percent to close at 4457.25 on the day. Of the 315 issues traded, 114 gained, 160 declined and 41 remained unchanged. Shares worth Tk 372.81 crore changed hands at the DSE on Wednesday as against Tk 434.53 crore on Tuesday. Analyzing the day’s market pulse, IDLC Finance said, “Investors turned cautious as DSEX gave away 4,500 points resistance yesterday. As a result, market encountered sale pressure from the beginning, which was unmatched by the buy-side.” The stockbroker also said, “Prices broke out of their choppy moves and headed downhill. In the end, DSEX closed at 32.2 points lower, at 4,457 points. Cautious trading also strangled activities pulling down turnover at around Tk 372 crore.” “However, following the news of US Food and Drug Administration (FDA) approval of oral solid dosage facilities of BXPHARMA and SQURPHARMA, te scrips dominated turnover chart”, IDLC also added.

The day’s top 10 losers at the DSE were Asia Insurance, The Dacca Dyeing & Manufacturing, 7th ICB Mutual Fund, Progressive Life Insurance, Rahima Food, Paramount Insurance, Shurwid Industries, EBL NRB Mutual Fund, Zahintex Industries, and Nitol Insurance. The top five turnover leaders at the DSE were Beximco Pharma, Ifad Autos, Lafarge Surma Cement, Square Pharmaceuticals, and Grameenphone.

The CSE key index, CASPI dropped 83.50 points to reach 13743.74 at close on Wednesday. Of the 233 issues traded, 63 advanced, 136 suffered loss and 34 remained unchanged. The value of the traded issues at the CSE was Tk 29.90 crore on the day.

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