Dhaka stocks fall after two-day rebound, turnover slips

The Dhaka Stock Exchange (DSE) has slipped back into negative territory after a two-day rally, with the key index losing 43.97 points.

The reversal came on Tuesday, as the benchmark index, DSEX, closed at 4,739 -- down from 4,783 in the previous session.

Monday’s 59-point gain, the highest in nearly 40 sessions, had capped a two-day rise that added 118 points overall before momentum faded.

The market opened on a positive note but stayed in the green for barely 10 minutes.

Selling pressure soon took over, pushing prices down across most sectors and pulling the index into the red for the remainder of the session.

Turnover also declined sharply, falling to Tk 3.13 billion from Tk 4.17 billion a day earlier.

Out of 397 companies that traded, prices rose for 67, declined for 276, and remained unchanged for 54.

Sectors showing relatively stronger gains included insurance, banking, pharmaceuticals and chemicals, engineering, and textiles.

Food and allied stocks topped the turnover chart for a third consecutive session, with trades worth Tk 498.6 million -- 16 percent of total turnover.

Pharmaceuticals and chemicals followed with 13.14 percent, while banking accounted for 11.18 percent.

Central Insurance, Zaheen Spinning, and Monno Agro & General Machinery emerged as top gainer at the close while Union Capital, Nurani Dyeing & Sweater, and ICB AMCL Second Mutual Fund languished among the losers.