Stocks widen loss amid large cap selling

Stock market closed lower yesterday 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, reports BSS.
The broader DSEX index of Dhaka Stock Exchange (DSE) lost 32.21 points to close at 4457.24 when the blue-chip DS30 and Shariah DSES came down to 1717.04 and 1092.22 respectively.
“Investors turned cautious as DSEX gave away 4500 points resistance yesterday (Tuesday). As a result, market encountered sale pressure from the beginning, which was unmatched by the buy-side. Therefore, prices broke out of their choppy moves and headed downhill”, IDLC Investment Limited said yesterday.
Share transaction of Beximco Pharma and Square Pharma increased significantly after the pharmaceutical companies received the prestigious approval from the US Food and Drug Administration (FDA), opening US market for these two companies.
Beximco Pharma became the top turnover leader with transaction of over 31 lakh shares worth Tk 19.29 crore. The other big issues among the top 20 companies were Ifad Autos, Lafarge Surma, Square Pharma and GP.
The higher activities around the large cap securities resulted in fall in price of mid and micro-cap securities when 165 issues closed lower. The most losing companies were Asia Insurance, Dacca Dyeing, 7thICB, Progressive Life and Rahima Food. Bank, fuel and power and textile were the day’s major lagging sectors.
Out of 315 issues traded, 103 gained moderately, with AIMS 1stMF, HR Textile, FBFIF, Anlima Yarn and Ifad Autos among top five. The major advancing sectors were engineering, mutual fund and tannery.
“The ongoing correction intensified today, as the market is already showing signs of weakness. Investors prompted to safeguard their positions on stocks as jittery persisted. Selling forces were active in major large cap stocks which widened losses in mid-afternoon trade”, Lanka Bangla Securities Limited said yesterday.
Activities decreased on the market when turnover in value was down by 14.21 per cent to Taka 372.28 crore and the volume fell by 12.08 per cent to 9.94 crore shares.
Chittagong Stock Exchange (CSE) also suffered loss on the day when the broader CSCX was down by 50.68 points to finish at 8369.80.
Out of the 233 issues traded, 63 gained against 136 losing and 34 static issues.
A total of 1.01 crore shares worth Tk 29.90 crore changed hands on the day.

 

Stocks widen loss amid large cap selling

Stock market closed lower yesterday 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, reports BSS. The broader DSEX index of Dhaka Stock Exchange (DSE) lost 32.21 points to close at 4457.24 when the blue-chip DS30 and Shariah DSES came down to 1717.04 and 1092.22 respectively. Investors turned cautious as DSEX gave away 4500 points resistance yesterday (Tuesday). As a result, market encountered sale pressure from the beginning, which was unmatched by the buy-side. Therefore, prices broke out of their choppy moves and headed downhill, IDLC Investment Limited said yesterday. Share transaction of Beximco Pharma and Square Pharma increased significantly after the pharmaceutical companies received the prestigious approval from the US Food and Drug Administration (FDA), opening US market for these two companies. Beximco Pharma became the top turnover leader with transaction of over 31 lakh shares worth Tk 19.29 crore. The other big issues among the top 20 companies were Ifad Autos, Lafarge Surma, Square Pharma and GP. The higher activities around the large cap securities resulted in fall in price of mid and micro-cap securities when 165 issues closed lower. The most losing companies were Asia Insurance, Dacca Dyeing, 7thICB, Progressive Life and Rahima Food. Bank, fuel and power and textile were the days major lagging sectors. Out of 315 issues traded, 103 gained moderately, with AIMS 1stMF, HR Textile, FBFIF, Anlima Yarn and Ifad Autos among top five. The major advancing sectors were engineering, mutual fund and tannery. The ongoing correction intensified today, as the market is already showing signs of weakness. Investors prompted to safeguard their positions on stocks as jittery persisted. Selling forces were active in major large cap stocks which widened losses in mid-afternoon trade, Lanka Bangla Securities Limited said yesterday. Activities decreased on the market when turnover in value was down by 14.21 per cent to Taka 372.28 crore and the volume fell by 12.08 per cent to 9.94 crore shares. Chittagong Stock Exchange (CSE) also suffered loss on the day when the broader CSCX was down by 50.68 points to finish at 8369.80. Out of the 233 issues traded, 63 gained against 136 losing and 34 static issues. A total of 1.01 crore shares worth Tk 29.90 crore changed hands on the day.