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Stocks extend losses amid sales pressure
The benchmark index of the DSE, DGEN, closed at 5020.86 losing 105.29 points or 2.05 percent after the end of the day’s trading.
The premier bourse showed a loss of 59.47 points or 1.16 percent at 12:28pm despite uptrend in the trading. The benchmark index gained 52 points during the first 20 minutes of trading.
Of the issues traded at the DSE, only 27 advanced, 228 declined and 4 remained unchanged.
“The market opened with a bullish trend, but the sales pressure didn’t allow it to continue for more than an hour,” LankaBangla Securities said in its market observation report.
The market fall started with the large cap banking sector and other sectors started returning to the red territory, it said.
The banking sector declined by 2.08 percent while fuel and power sector saw a decline of 1.73 percent.
Only the cement sector remained in the positive territory while heavyweight Lafarge Surma Cement was in the green territory.
Similarly, the CSE key index, CSCX, lost over 190.69 points to close at 9327. At the CSE, only 18 advanced, 169 suffered losses and 5 remained unchanged.
The turnover also declined further at both the bourses today. The DSE turnover declined to Tk 573 crore as against Tk 738 crore recorded on Tuesday. The premier bourse turnover hit a four-month high on Monday with Tk 990 crore.
The CSE turnover also declined to Tk 54.91 crore that hit Tk 91.73 crore on Monday.
On Tuesday, stocks at both the bourses slipped after showing an uptrend on the first two days of the week.
Two major sectors -- banks and financial institutions -- led the day’s fall at the DSE. All the 26 traded banks except Pubali Bank and Shahjalal Islami Bank Limited suffered losses while only four listed financial institutions among 21 that made gains.