Stocks keep losing for fourth straight session IPO subscription of Robi concludes
Business Desk :
Stocks extended the losing streak for the fourth straight session on Monday as cautious investors continued their sell-offs on sector-wise issues amid growing tension over the second wave of coronavirus pandemic.
The market started with a sharp fall and the core index dropped more than 65 points within the first 25 minutes of trading. However, it recovered two-third of the losing points at closing.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 23.26 points or 0.48 per cent to settle at 4,817. DSEX lost more than 84 points in the past four consecutive sessions.
Market analysts said investors are reluctant to make fresh investments in stocks amid the rising trend of Covid-19 infections in recent days while some gave their attention to the primary market.
Notable price fall of large-cap stocks sent the market on a downward trend, said a leading broker.
Top negative index contributors of the market were Square Pharma, Investment Corporation of Bangladesh, United Power, Grameenphone and British American Tobacco, according to data from amarstock.com, a stock market data analyst.
These five stocks contributed for 24 points fall of DSEX while Square Pharma alone accounted for 13 points fall.
Recent price bidding and IPO subscription of a number of companies had stuck a large number of funds in the primary market which is a reason for low turnover in recent days, said a leading broker.
Meanwhile, the subscription of the biggest IPO in the history of Bangladesh concluded on Monday. The company would raise Tk 5.23 billion under the fixed price method.