DSE slips for 2nd straight day on fuel price hike

Dhaka Stock Exchange (DSE) extended its decline for a second straight session on Tuesday as investors continued to book profits after a four-session rally, while concerns over higher fuel prices, inflation and corporate earnings kept selling pressure high.

The DSEX, the DSE’s broad index, fell 10.2 points to 5,540 on Tuesday, following a 41.7-point slide to 5,550 on Monday.

The two-day correction wiped out about 52 points, trimming the gains from a four-session rally in which the benchmark had surged around 213 points.

The latest correction came after the DSEX climbed from 5,379 on September 14 to 5,592 on September 20, gaining nearly 4 per cent in four trading sessions. 

The rally was supported by bargain hunting and broad-based buying after the market's earlier sharp correction.

The mood changed on Monday, when investors began taking profits from shares that had risen during the rally. The DSEX dropped 41.7 points as higher fuel prices raised fresh concerns about transportation and production costs, inflation and corporate profitability.