DSE sees biggest single-day fall in last 14 months

Dhaka Stock Exchange witnessed Sunday the biggest single-day fall in the last 14 months as the prime share-price index shed 109.08 points and dragged the turnover down to one-month low.
Market operators and traders said the benchmarks hurtled down as "nervous investors" went on a selling spree out of fear for further fall.

The Dhaka Stock Exchange prime index-DSEX-plunged 2.06 per cent and dipped below 5,200-mark at the end of the day's four-hour trading.
Shedding 109.08 points or 2.06 per cent in the big fall, the trading session closed at 5,176.75.
It was rated as the biggest single-day fall in the last 14 months since July 23 last year, when the DSEX lost 125.18 points or 3.18 per cent.
Along with the falling index, the market turnover was also dragged down one-month low to Tk 6.87 billion Sunday. The figure was 15.6 per cent lower than the previous session's value of Tk 8.14 billion.
In the bearish run of the trading in stocks, losers hugely outnumbered gainers. Out of 302 issues traded, 233 went down, 54 advanced and 15 remained unchanged on the DSE floor.
"The stock market endured its biggest single-day fall this year with the DSEX losing more than two per cent as most of the investors are uncertain regarding the sustainability of the market's recent bull run," said International Leasing Securities in an analysis of the jitters.
Stocks across the major sectors plummeted throughout the day as the market erased most of the gains in from recent weeks, said the International Leasing reading of the trends.   
IDLC Investments said: "The downbeat accelerated and caused the day's market slump and DSEX shed 109.1 points, breaking through 5,200-mark."
The merchant bank added: As the prime and blue-chip index added 906.9 and 372.2 points respectively in last two months' rally, investors rather thinking of pursuing safe strategy and chasing out, on the fear of massive correction.
LankaBangla Securities said: "After having sharp gain in preceding six weeks, consolidation had continued around 5,300 in last few days, while Sunday's big correction spooked the market."
The stock broker further said, "The first session of the bull run appeared to be over, and seems like benchmark index topping out at current level."
Zenith Investments noted that stocks went for another pullback, reacting to investors' expectation that market is now ready for some correction.
"Although market correction may put many in emotional stage, but investors and traders who are prepared find greater opportunities on the downside than on the upside," says the Zenith analysis.
Sheltech Brokerage said that the nervous investors went for heavy sale that triggered the biggest fall this year.
"Equity market gave a unanimous thumb down with traders and investors alike remaining unconvinced that another winning streak would be there," said Sheltech Brokerage.

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