Stocks extend losing streak as investor concerns deepen

 
Stocks on Sunday extended its losing streak as persistent investor concerns over the market’s near-term outlook, amid the nationwide gas and electricity crisis and escalating conflicts in the Middle East, continued to weigh on investor sentiment.

The DSEX, the broad index of the Dhaka Stock Exchange (DSE), plunged 96.6 points to settle at 5,419 points, compared with 5,515 points in the previous trading session.

The bearish trend gripped the market from the outset of the week’s first trading session, prompting panic-stricken investors to offload their holdings to minimize further losses in their already battered portfolios, according to BSS report. 

The market failed to find any respite as trading progressed, with widespread price corrections across most scrips, leaving overall investor sentiment in a state of persistent uncertainty.

Meanwhile, market turnover increased by 4.9 percent to BDT 5.7 billion from BDT 5.4 billion in the previous session.

On the sectoral front, Textile accounted for the highest share of turnover at 25.9 percent, followed by General Insurance at 15.0 percent and Bank at 11.5 percent.

All sectors posted negative returns, with Travel (-5.4 percent), Ceramic (-4.1 percent) and Jute (-3.7 percent) suffering the sharpest corrections on the bourse.

Of the 395 issues traded, 27 advanced, 336 declined and 32 remained unchanged.

The port city bourse, Chittagong Stock Exchange (CSE), also closed in negative territory.