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Bdnews24.com
Stocks closed down for a second day of the bearish sixth week amid massive sell-offs by nervous investors.
A continuous slide in the prices of bank, mutual fund, insurer and pharmaceuticals shares pulled down indices on the Dhaka Stock Exchange on Monday.
The benchmark DGEN or general index opened the day with a sharp fall, recovering some losses but losing 48.59 points or 1.69 percent to end on 2810.36.
The DSI or all-share price index lost 30.27 points, or 1.21 percent, to end on 2453.13. The blue-chip DSE-20 finished at 2585.75, slipping 14.47 points or 0.55 percent.
Indices on the Chittagong Stock Exchange also slumped as shares of banks, non-bank financial institutions and pharmaceuticals witnessed huge losses.
The CSCX or selective categories index fell 111.39 points or 1.96 percent to end on 5556.72. The CASPI or all-share price index closed at 8650.09, down 185.61 points or 2.10 percent.
The CSE-30 blue-chip lost 170.75 points, or 2.15 percent, to end on 7758.21.
"Investors continued to sell-off their holdings," an official with brokerage house Lanka Bangla Securities told bdnews24.com.
"It seems that a huge number of investors are pulling out of the market."
Total turnover on the DSE amounted to Tk 4.06 billion from the trading of 24,929,850 shares, up from Sunday's Tk 3.07 billion.
Losers outshined gainers 174 to 46, with 11 issues holding steady.
Turnover on the port city bourse rose to Tk 557.71 million, with 5,581,901 shares changing hands, from Tk 421.81 million on the last trading day.
Of the traded 143 issues, 112 lost, 25 gained and six remained unchanged.
Market observers blamed the slump on the regulator's move on mutual funds and bourses' measures to cool the markets.
Yaweer Sayeed, CEO of a private asset management company, said the continuous slide in indices was alarming.
"If a market falls for six weeks, it's no longer a correction."
A top official of a brokerage firm, asking not to be named, blamed the slide on market interventions.
"Some retail investors left the market to avoid more losses while some others are disposing of holdings and not reinvesting in the falling market," the official told bdnews24.com.
UCBL, turnover leader on DSE, rose 18.13 percent to finish at Tk 6628.25.
Second in line, Beximco Pharma eroded gains, closing 2.88 percent lower at Tk 114.30. Square Pharmaceuticals fell to Tk 5050.50, down 1.88 percent.
ACI shook off losses to gain 5.21 percent to Tk 500.
BABTC surged 18.20 percent to end on Tk 196.70.
Among the other scrips on the turnover board—Beximco, Lanka Bangla Finance and Apex Adelchi Footwear—lost on profit taking. Keya Cosmetics and Lafarge Surma Cement gained.
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