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Stocks plunge as market sees widespread sell-offs

FE REPORT | March 24, 2025 00:00:00


Stocks closed in the red on Sunday as there were widespread sell-offs across the sectors during the trading session.

The prime index of the Dhaka Stock Exchange (DSE) saw erosion of 18.34 points to settle at 5,183.

Dhaka stocks plunged as selling pressure mounted ahead of the Eid vacation to begin at the start of next week.

Investors were cautious amid uncertain market momentum against the backdrop of ongoing political tension, according to EBL securities.

Turnover, a crucial indicator of the market, was Tk 4.21 billion on Sunday, down 15.26 per cent from the previous trading day.

Market sentiment remained subdued, pushing most stocks into the red as wary investors opted to stay on the sidelines due to concerns over the market outlook, said EBL securities in its market review.

A majority of the stocks experienced correction. Out of the 398 issues traded, 83 closed higher, 253 ended lower, and 62 remained unchanged on the DSE trading floor.

However, the blue-chip index DS30, which comprises 30 leading companies, increased by 8.35 points to 1,896.23, while the DSES Index, representing Shariah-compliant companies, went up 0.75 points to 1,158.77 on Sunday.

DS30 climbed up as major stocks, such as GP and BSRM, secured significant gains but they failed to pull the DSE main index up following corrections of bank stocks, said Shakil Rizvi, managing director of Shakil Rizvi Stock Limited and director of the prime bourse.

The bank sector makes up a large pie of the market capitalisation and most bank stocks declined on Sunday.

Sector-wise, pharmaceutical companies accounted for 20.4 per cent of the daily turnover, followed by banks 12.5 per cent and engineering 10.0 per cent.

Most sectors showed poor performance, with paper losing 2.3 per cent, Jute 1.6 per cent, and financial institutions 1.4 per cent.

The cement sector had a 1 per cent return, pharmaceuticals 0.4 per cent, and travel 0.2 per cent.

Beximco Pharmaceuticals was the most-traded stock, with shares worth Tk 207.03 million changing hands, followed by Shinepukur Ceramics, Square Pharmaceuticals, Bangladesh Shipping Corporation, and KDS Accessories.

The Chittagong Stock Exchange (CSE) ended down with its All Share Price Index (CASPI) plunging 38.16 points to 14521 and the Selective Categories Index (CSCX) falling 17.93 points to 8833.

The port city bourse witnessed transactions of 3.19 million shares and mutual fund units, resulting in a turnover volume of Tk 99.92 million.

farhan.fardaus@gmail.com


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