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Stocks extend losing streak

Star Business Report
The Dhaka Stock Exchange passed another gloomy day yesterday as shares fell extending a losing streak.
The DSEX, the benchmark index of the Dhaka bourse, lost 15.13 points, or 0.26 percent, to end the day at 5,627.33. In total, the key index shed 186.46 points, or 3.20 percent, in the last six days.
"The premier bourse witnessed another downward trend amid a continuous selling pressure on banking stocks," according to the daily market review of EBL Securities.
It said investors adopted a cautious stance ahead of the fasting month of Ramadan and the national budget.
"Banks were more exposed in 2017 and the effect is being felt in 2018," said Sherief MA Rahman, chief executive officer of Brae EPL Securities.
Rahman said many shares were overvalued in 2017 and now they have
become undervalued as their prices have fallen.
"The market normally stays bearish around the month of Ramadan," said Mostaque Ahmed Sadeque, president of the DSE Brokers Association.
Moreover, lower-than-expected dividend declared by the financial sector companies has depressed investors, said Sadeque.
Turnover, however, soared 18.47 percent to Tk 560.35 crore, with 13.98 crore shares and mutual fund units changing hands on the DSE.
Of the traded issues, 120 advanced, 171 declined and 48 closed unchanged on the premier bourse.
Beximco dominated the turnover chart with its 78.80 lakh shares worth Tk 24 crore changing hands, followed by Western Marine Shipyard, United Power Generation, Brae Bank and Salvo Chemical. Among the major sectors, banks declined 1.18 percent,
financial institutions 0.96 percent and general insurance 0.50 percent.
Conversely, engineering and fuel and power sectors increased 1.74 percent and 0.80 percent respectively.
Prime Textile was the day's best performer with 9.71 percent gain, followed by S Alam Cold Rolled Steels, Pacific Denims, and BSRM.
Bangladesh Industrial Finance Company was the worst loser, shedding 5.81 percent followed by BD Finance, Alif Industries, and CAPM IBBL Islamic Mutual Fund.
Chittagong stocks also fell with the bourse’s benchmark index, CSCX, declining 34.37 points, or 0.34 percent, to finish the day at 10,490.59.
Losers beat gainers as 119 declined and 89 advanced, while 36 finished unchanged on the Chittagong Stock Exchange. The port city bourse traded 80.22 lakh shares and mutual fund units worth Tk22.36 crore.