Stocks witnessed yet another bearish session on Tuesday with the core index of the Dhaka bourse dipping to 18-month low.
Market insiders said investors continued their selling spree amid low confidence in the market.
The broad index was at its peak during the first hour of the trading session but started falling significantly throughout the day.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 49.24 points or 0.92 per cent, dipping below 5,300-mark to settle at 5,273.
It was the lowest level of DSEX since January 9, 2017.
DSEX eroded more than 1,063 points or 16.78 per cent since its peak of 6,336 points recorded on November 26, 2017.
According to LankaBangla Securities, the downward trend in the market is mainly driven by negative movement in all the large-cap sectors except fuel & power.
"Ongoing pessimism coupled with lack of market triggers kept investors mostly inactive, taking the market in the red zone," said an analyst at a leading brokerage firm.
He noted that a section of panicked investors disposed of shares, fearing further fall of stock prices.
The two other indices ended lower. The DS30 index, comprising blue chips, fell 21 points to settle at 1,894 and the DSE Shariah Index lost 11 points to close at 1,236.
Turnover, the most important indicator of the market, also came down to Tk 6.27 billion, which was 20 per cent lower than the previous session's Tk 7.85 billion.
The investors sold their positions from almost all the large-cap sectors, excepting fuel & power which gained 0.37 per cent.
The financial institutions posted the highest loss of 2.14 per cent, followed by banking with 1.14 per cent, telecommunication 1.07 per cent, engineering 1.01 per cent, pharmaceuticals 0.95 per cent and food & allied 0.27 per cent.
International Leasing Securities, said, the prime index lost 156 points in last three consecutive sessions, which led the benchmark index to close at its lowest points after January 10, 2017.
The stockbroker noted that the panicked investors continued to liquidate their holding from financial institutions, banking, telecom, engineering and pharmaceutical sectors stocks.
Of the traded issues, 195 declined, 102 advanced and 43 issues remained unchanged on the DSE trading floor.
Bashundhara Paper Mills, which made its share trading debut on Monday, topped the DSE turnover chart with shares worth Tk 493 million changing hands, closely followed by United Power, Ratanpur Steel, Monno Ceramic Industries, and legacy Footwear.
The port city bourse CSE also ended lower with its CSE All Share Price Index - CASPI - shedding 137 points to settle at 16,252 and the Selective Categories Index - CSCX - losing 84 points to finish at 9,823.
Here too, losers beat gainers as 138 issues closed lower, 77 ended higher, with 23 issues remained unchanged on the CSE.
The port city bourse traded 8.45 million shares and mutual fund units worth more than Tk 351 million in turnover.
© 2024 - All Rights with The Financial Express
