Bangladesh bourses slump on week’s final day

Dhaka, Chattogram stock exchange logos_11zon

Bangladesh’s stock market extended its losing streak on Thursday, with indices of both Dhaka and Chattogram bourses falling for the fourth time in five sessions amid widespread declines in share prices.

At the end of the day’s trading, the key index of the Dhaka Stock Exchange (DSE), DSEX, dropped by 54 points.

The Shariah-based DSES index fell by 14 points, while the blue-chip index DS30 lost 18 points.

Out of 398 issues traded, prices declined for 292 companies, advanced for 72, and remained unchanged for 34.

Share prices fell across all three categories — A, B, and Z. In the A-category, which includes the most fundamentally sound companies offering the highest dividends, prices fell for 154 issues, while only 49 advanced.

In the block market, shares worth Tk 12 crore were traded across 21 companies, with Fine Foods Limited topping the list with Tk 4 crore in block trades.

The turnover on the DSE also dropped, with shares and units worth Tk 530 crore changing hands, down from Tk 611 crore in the previous session.

Rahima Food Corporation Limited topped the gainers’ list with a rise of over 9 percent, while GSP Finance Company Limited suffered the biggest loss, falling by more than 10 percent.

The downward momentum also persisted on the Chittagong Stock Exchange (CSE), where the overall index declined by 98 points.

Of the 214 issues traded on the CSE, prices rose for 57, fell for 137, and remained unchanged for 20.

The turnover at the CSE, however, rose to Tk 22 crore from Tk 8 crore in the previous session. Market insiders said that when indices continue to fall, investors tend to sell off shares, leading to higher turnover but negative outcomes.

DBH First Mutual Fund topped the gainers’ chart on the CSE with a 10 percent rise, while Apex Spinning and Knitting Mills Limited hit the bottom, dropping by over 11 percent. - UNB