Dhaka stocks lost momentum on Tuesday as investors returned to selling after a brief recovery in the previous session, with concerns over the energy crisis, weak market confidence and upcoming corporate earnings weighing on sentiment.
The benchmark DSEX index of the Dhaka Stock Exchange (DSE) declined 28.1 points, or 0.5 per cent, to close at 5,539 points, reversing the gains made in the previous trading day when late-session buying had lifted the market.
The market started the day higher as some investors looked for opportunities after recent corrections. The recovery, however, failed to sustain as selling pressure emerged across sectors during the middle of the session.
EBL Securities said investor caution over the ongoing energy crisis, uncertainty surrounding corporate earnings and subdued confidence offset expectations of possible regulatory support for the capital market. Despite the fall in the index, turnover increased 3.3 per cent to Tk5.90 billion from Tk5.71 billion in the previous session, suggesting that investors remained active in repositioning their portfolios.
However, participation weakened in other measures. The number of trades fell 9.4 per cent to 168,534, while trading volume declined 4.5 per cent to 191 million shares and units.
The market’s total capitalisation dropped Tk3.9 billion to Tk6.91 trillion as selling pressure spread across a majority of traded securities. Of the 395 issues traded, 245 declined, 80 advanced and 70 remained unchanged, showing a broad-based retreat.
Textile stocks faced the strongest selling pressure, falling 1.7 per cent. The ceramics sector declined 1.4 per cent, while general insurance, cement and jute each dropped 1.1 per cent.
Only a few sectors managed gains. Services and real estate, and travel and leisure advanced 0.4 per cent each, while information technology gained 0.1 per cent.
Textile companies dominated market turnover, accounting for 30.3 per cent of total equity trading value. General insurance contributed 13.5 per cent, followed by pharmaceuticals and chemicals at 9.2 per cent.
Envoy Textiles topped the turnover list, with shares worth Tk304.8 million changing hands. Malek Spinning Mills followed with Tk254 million, Sharp Industries with Tk228.7 million and IPDC Finance with Tk218.1 million.
Sunlife Insurance was the best performer of the day, rising 6.33 per cent, followed by Meghna Cement with a 6.21 per cent gain and GQ Ball Pen Industries with a 5.45 per cent rise.
Saiham Textile Mills recorded the steepest decline, losing 9.75 per cent. Reliance One, Malek Spinning Mills, Sharp Industries and Saiham Cotton Mills were among the other major losers. The Chittagong Stock Exchange (CSE), however, ended slightly higher. Its All Share Price Index gained 8.2 points to close at 14,928, while the selected CSCX index edged up 0.1 point to 9,131.
