Stocks fall for second day

Dhaka stocks slid for a second day in what market analysts said was irrational behaviour.

"There's no reason for the market to trade bearish," an analyst said. "No fundamentals are working in the market."

The market remained volatile over the past few days and the trading pattern indicated that it lost direction, an asset management firm said in an analysis.

The benchmark index, DSE General Index (DGEN), fell 25 points, or 0.93 percent, to 2,637.03 points. The DSE All Share Price Index also declined 20.78 points, or 0.94 percent, to 2,181.93 points.

“Liquidity is declining continuously as institutional and individual investors are following a wait-and-see policy. Lack of policy direction from the new government has frustrated market players,” the firm said.

Sharif Ataur Rahman, managing director of SAR Securities, said: “The investors should now go for long-term investment instead of short-term gains."

The investors should also not make investment decisions, influenced by rumours, he suggested.

The market opened rather steadily. In the opening 20 minutes, DGEN gained about 5 points. But the market found itself on the downward curve.

Of the 248 traded securities on the DSE, 74 advanced, 167 declined and seven remained unchanged.

A total of 2,10,68,892 shares worth Tk 254.39 crore changed hands on the premier bourse.

Beximco Pharma topped the turnover leaders on the DSE with 22,48,250 traded shares worth Tk 37.06 crore. The other turnover leaders were Shinepukur Ceramics, Beximco, Summit Power, Titas Gas, Aftab Automobiles, Quasem Drycells, Eastern Housing, S Alam Cold Rolled Steel and Grameen Mutual Fund One: Scheme Two.

Chittagong stocks also posted a fall. The CSE Selective Categories Index dropped 33.92 points, or 0.63 percent, to 5,286.28 points. The CSE All Share Price Index also slid 42.37 points, or 0.51 percent, to 8,138.67 points.

A total of 35,77,105 shares worth Tk 32.69 crore changed hands on the Chittagong Stock Exchange. Of the 145 traded scrips on the port city bourse, 35 advanced, 102 declined and nine remain unchanged.

Beximco Pharma topped the turnover leaders on the CSE with 2,34,400 traded shares worth Tk 3.87 crore. The other turnover leaders were Shinepukur Ceramics, Beximco, Eastern Housing, AIMS 1st Mutual Fund, BSRM Steels, Grameen Mutual Fund One: Scheme Two, Meghna Petroleum, Bextex and Jamuna Oil.