DSE extends losing streak to third day amid earnings jitters

The blue-chip DS30 index also slipped 1 point to settle at 2,097.

The capital market extended its losing streak for a third consecutive session today (28 September) as investor sentiment remained cautious amid ongoing fiscal year-end earnings and dividend announcements from June-closing companies.

The benchmark DSEX index of the Dhaka Stock Exchange edged down by 6 points to close at 5,525, bringing cumulative losses over the past three sessions to 71 points.

The blue-chip DS30 index also slipped 1 point to settle at 2,097.

Market breadth favoured the bears, with 224 issues declining against 125 advances and 45 remaining unchanged, while daily turnover posted a modest 3% rise to reach Tk746 crore.

According to Sheltech Brokerage Limited, market movement was characterised by a sharp tug-of-war between selling pressure and bargain hunting. The index initially gained momentum to touch an intraday high of 5,561 points before profit-booking set in. Mid-session recovery attempts lacked conviction, and late-session selling dragged the benchmark index down to an intraday low of 5,525 points, near which it closed.

Sector-wise, Textile generated the highest turnover at 27.2%, followed by General Insurance at 22.8% and Pharmaceuticals at 10.1%.

Most sectors posted losses, led by Mutual Funds, which fell 2.5%, Paper, down 1.6%, and Tannery, dropping 1.0%.

Conversely, Life Insurance and General Insurance bucked the trend, gaining 1.8% and 1.1% respectively.

Apex Spinning emerged as the most-traded stock, alongside Saiham Textile, Mercantile Insurance, IPDC Finance, and Envoy Textiles.

Chartered Life Insurance and Saiham Textile topped the gainers’ chart, both surging 7.28%, followed by Apex Spinning, Evince Textile, and Trust Islami Life Insurance.

On the flip side, First Prime Finance Mutual Fund led the losers’ list with an 8.74% drop, followed by LR Global Mutual Fund One, BD Thai Food, Green Delta Mutual Fund, and Exim Bank First Mutual Fund.

At the Chittagong Stock Exchange, the selective CSCX index inched up to close at 9,057, while the all-share price index, CASPI, dropped 5 points to 14,777. Turnover at the port city bourse fell sharply by 73% to Tk10.73 crore.

Source: The Business Standard