Stocks dropped further on Sunday, extending the losing streak for the third straight session, as investors mostly followed a cautious stance following the central bank’s ongoing investigation of banks investment in the capital market.
After witnessing high volatility, DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), went down by 27.71 points or 0.40 per cent to settle at 6,823.
DSEX eroded about 61 points in the past three consecutive sessions after hitting record highs on all three indices and market capitalisation.
Two other indices also edged lower with the DS30 index, a group of 30 prominent companies, fell 9.95 points to finish at 2,443 and the DSE Shariah Index (DSES) lost 2.94 points to close at 1,484.
Turnover, a crucial indicator of the market, also dropped below Tk 20 billion-mark to hit one month low to Tk 18.46 billion on the country’s premier bourse, which was 17 per cent lower than the previous day’s tally of Tk 22.27 billion.
Market analysts said the central bank has started to investigate entire money-market transactions along with exposures on the capital market to gauge liquidity movements in the banking system, which made investors cautious.
“The central bank’s inspection of the banks’ stock market investment from the special funds has adversely impacted the investors’ sentiment,” said a leading broker.
Earlier, the BB claimed it had information on the misuse of stimulus packages by banks and other manufacturing companies. The central bank came to know that money provided under the stimulus packages was invested in the capital market and unproductive sectors.
Losers took a strong lead over the gainers, as out of 375 issues traded, 215 declined, 131 advanced and 29 remained unchanged on the DSE trading floor.
Beximco topped the turnover list again after a single-day break with shares worth Tk 1.06 billion changing hands, followed by LafargeHolcim Bangladesh (Tk 662 million), Saif Powertec (Tk 540 million), Paramount Textile (Tk 436 million) and Shajibazar Power Company (Tk 405 million).
The Aziz Pipes was the best performer, posting a gain of 9.85 per cent while South Bangla Agriculture & Commerce Bank was the worst loser, losing 8.94 per cent.
The Chittagong Stock Exchange also extended losses with its All Shares Price Index (CASPI)—shedding 86 points to finish at 19,844 while the Selective Categories Index – CSCX falling 50 points to close at 11,899.
Of the issues traded, 186 declined, 101 advanced and 30 issues remained unchanged on the CSE.
The port city bourse traded 26.01 million shares and mutual fund units with a turnover value of Tk 824 million.
