Stocks extend losing streak amid lack of confidence

| Updated: February 20, 2023 22:49:16

Stocks extend losing streak amid lack of confidence

Stocks extended the losing streak for the second straight session on Monday as sellers kept their dominance on the trading floor amid a lack of clear direction in the market.

Some of the recently rallied stocks extended their correction mode owing to the profit-booking tendency among investors aiming to secure short-term gains from the ailing market, market operators said.

Investors’ appetite for taking long-term positions in equities has been weakened due to the dismal financial performance of the majority of listed companies in the most recent quarter.

DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), went down by 9.10 points or 0.14 per cent to close at 6,218.83. The DSEX lost over 28 points in the past two trading days.

The daily trade turnover remained low and amounted to Tk 3.26 billion, a 14 per cent higher, from the previous day’s 6-week lowest turnover of Tk 2.85 billion.

Most of the investors remained pessimistic and reluctant to make fresh investments in the stocks as they failed to find any clear direction about the future market movement, said a stockbroker.

Most of the stocks suffered losses as out of 297 issues traded, 142 declined, 14 advanced and 141 remained unchanged on the DSE floor.

Genex Infosys became the turnover leader with shares worth Tk 381 million changing hands, closely followed by Bangladesh Shipping Corporation, Sea Pearl Beach Resorts, Shinepukur Ceramics and Olympic Industries.

CB AMCL CMSF Golden Jubilee Mutual Fund was the top gainer, posting a 9.75 per cent rise while BGIC as the worst loser, losing 9.78 per cent.

The Chittagong Stock Exchange (CSE) also ended lower, with the CSE All Share Price Index (CASPI) losing 23 points to settle at 18,360 and its Selective Categories Index (CSCX) shedding 14 points to close at 11,005.

The port-city bourse’s turnover was only Tk 282 million.

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