Stocks see highest single day fall in 26 months

The Dhaka bourse on Sunday experienced the highest single day fall in 26 months as a majority of the listed securities plunged amid the countrywide unrest centering the quota reform movements.
On the day, only four securities, including a junk stock, experienced appreciation on the Dhaka Stock Exchange (DSE).
Subsequently, the market cap of the premier bourse shed 1.21 per cent or Tk 79.23 billion. The plunge would have been higher had there been no lower circuit breaker. Presently, no stock is allowed to fall more than 3 per cent in a single day.
Amid tension over clashes between protesters and law enforcers across the country, the market opened the day's session negatively. The DSE broad index DSEX lost 102 points within just 14 minutes.
Later, the DSEX failed to see any recovery from the initial loss and continued a flat movement for the rest of the session amid investors' timid participation.
At the end of the session, the DSEX closed at 5229.26 points with a loss of 1.96 per cent or 104 points, the highest single day fall since May 16, 2022 the day when the index lost 2.05 per cent.
Meanwhile, the government again enforced curfew from Sunday evening for an indefinite period and announced a public holiday for the next three days.
That's why both the stock exchanges will remain closed for three days.
"The socio economic situation is not the only factor that can be blamed for the poor market situation," said Managing Director of Midway Securities Md. Ashequr Rahman. It would be wise not to think about any positive movement of the market until political stability is ensured.
Neither the regulator, investors nor other stakeholders is able to think about the market now. "We are concerned about the safe presence of our staff at offices," Mr. Rahman added.
Social media also facilitates the services provided to clients as they seek market-related information via Facebook. Due to the Internet blackout and public holiday, both the stock exchanges remained closed from July 21 to July 23. The government on Sunday again closed all social media platforms.
Except for Beximco, all other blue chip stocks, including Grameenphone and Square Pharmaceuticals, lost prices and intensified the fall of the index on Sunday.
Of 397 issues traded, six advanced, 372 declined, and the remaining 19 remained unchanged.
The six companies which advanced are Shyampur Sugar Mills, Unilever Consumer Care, Bangladesh General Insurance Company and Republic Insurance Company.
Of them, the loss-making Shyampur Sugar Mills was the number one gainer closing at Tk 146.50 each after a 5 per cent gain.
At the end of the session, the DSE posted a turnover of Tk 2.08 billion only, as investors refrained from taking fresh positions.
Investors' participation was mostly concentrated on the food & allied sector, which posted a turnover of Tk 576.6 billion and grabbed 39.5 per cent of the market turnover followed by cement and pharmaceuticals & chemicals sectors.

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