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Stocks fall after six days
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Stocks in Bangladesh fell yesterday after a six-day gaining streak amid investors’ bids to make a quick profit selling off their shares.
The DSEX, the benchmark index of Dhaka Stock Exchange (DSE), slipped 26.19 points, or 0.47 percent, from that on the day before to close the day at 5,568.45.
The DSES, the index that represents Shariah-based companies, dropped 3.85 points, or 0.31 percent, to 1,219.48.
Meanwhile, the DS30, the index that consists of blue-chip firms, edged down 6.40 points, or 0.31 percent, to 1,958.13.
The day’s turnover, meaning the total value of shares that changed hands, decreased 5.09 percent to stand at Tk 967 crore.
Market capitalisation, meaning the total value of a company’s shares at present, decreased for travel and leisure, paper and printing and life insurance scrips, according to the daily market update by Shanta Securities.
However, it rose for bank, financial institution and jute stocks.
Total block market turnover stood at Tk 44.3 crore, representing 4.6 percent of the day’s total turnover.
Block trades refer to a high-volume transaction in a security that is privately negotiated and executed outside of the open market.
Beach Hatchery was the most traded share with a turnover of Tk 39.2 crore.
Of the issues traded on the prime bourse of the country, 98 went up, 266 closed lower and 30 did not see any price fluctuation.
In its daily market update, BRAC EPL Stock Brokerage said the market closed in the red due to a negative performance by sectors which account for large amounts in market capitalisation.
Engineering experienced the highest loss of 1.35 percent followed by telecommunication (0.56 percent), food and allied (0.56 percent), pharmaceuticals (0.39 percent), fuel and power (0.27 percent), banking (0.58 percent), and non-bank financial institutions (1.01 percent).
Shares of large-cap and blue-chip companies such as Beximco Pharmaceuticals, Olympic Industries, Al-Arafah Islami Bank, Intraco Refueling Station, United Commercial Bank, BRAC Bank, Heidelberg Materials Bangladesh, Southeast Bank, Square Pharmaceuticals and JMI Hospital Requisite Manufacturing displayed a sublime performance.
Renata, Best Holdings, BAT Bangladesh, Khan Brothers PP Woven Bag Industries, City Bank, Kohinoor Chemicals, Linde Bangladesh, Robi Axiata, GPH Ispat and Beacon Pharmaceuticals’ shares suffered losses.
Renata, a pharmaceutical company in Bangladesh, logged a decline of 1.78 percent, followed by Best Holdings, BAT Bangladesh and City Bank with 1.52 percent, 1.38 percent and 1.29 percent, respectively, according to LankaBangla Financials.
GQ Ball Pen Industries topped the gainers’ list with a hike of 9.97 percent.
Deshbandhu Polymer, Intraco Refueling Station, Global Heavy Chemicals, Bangladesh Industrial Finance Company, Bangladesh Finance and Gemini Sea Food were also on the gainers’ chart.
Aramit shed the most, losing 2.99 percent.
Purabi General Insurance Company, Bangladesh Building Systems, Linde Bangladesh and IT Consultants lost more than two percent.
Sonali Life Insurance Company, Tallu Spinning Mills, Zahintex Industries and Eastern Insurance Company were also on the list of those suffering losses.
Chittagong Stock Exchange (CSE) also witnessed a similar trend as the Caspi, the broad index of the premier bourse of the port city, shed 3.95 points to reach 15,885.66 points.