Stocks extended the losing streak for the five consecutive sessions on Wednesday as shaky investors continued their sell-offs amid lower than expected earnings declaration of many companies.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 29.44 points or 0.60 per cent to settle at 4,838.
DSEX lost more than 78 points in the past five consecutive sessions.
Two other indices also ended lower. The DS30 index, comprising blue chips, lost 9.91 points to finish at 1,665 and the DSE Shariah Index shed 8.77 points to close at 1,094.
Market analysts said investors were gradually ramping up their sales pressure based on the latest corporate declarations while some investors engaged in portfolio rebalancing amid ongoing earnings and dividend declaration sessions.
Lower than expected earnings and dividend declaration of many companies prompted some investors to liquidate their holdings, said a merchant banker.
The general insurance sector continued to attract the investors which have been reflected in the daily turnover board over the last couple of months.
Turnover, a crucial indicator of the market, however, crossed Tk 11 billion-mark and amounted to Tk 11.12 billion, which was 11 per cent higher than the previous day’s turnover of Tk 10 billion.
It was the highest single-day turnover in six weeks since September 16, when turnover recorded Tk 11.47 billion.
Losers took a modest lead over the gainers as out of 356 issues traded, 187 ended lower, 110 closed higher while 59 issues remained unchanged on the DSE trading floor.
A total number of 207,968 trades were executed in the day’s trading session with a trading volume of 449.22 million shares and mutual fund units.
The market capitalisation of DSE stood at Tk 3,889 billion on Wednesday, down from Tk 3,914 billion in the previous day.
The insurance sector continued to dominate the turnover chart as nine insures out of top 10 turnover companies came from the insurance sector.
Sandhani Life Insurance topped the turnover list with shares worth Tk 287 million changing hands, closely followed by Rupali Insurance, Eastland Insurance, Continental Insurance and Beximco Pharma.
EBL First Mutual Fund was the day’s best performer, posting a gain of 10 per cent while Renwick Jajneswar was the worst loser, losing 26.29 per cent following its no dividend declaration for the year ended on June 30, 202.
The Chittagong Stock Exchange also ended lower with its All Shares Price Index (CASPI)—losing 104 points to close at 13,796 while the Selective Categories Index – CSCX shedding 58 points to close at 8,304.
Of the issues traded, 143 declined, 80 advanced and 48 remained unchanged on the CSE.
The port city bourse traded 14.55 million shares and mutual fund units with a turnover value of more than Tk 283 million.