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Stocks tumble over 48pts on growing economic worries

FE REPORT | November 14, 2022 00:00:00

Stocks tumbled on Sunday after a single-day break as jittery investors dumped their holdings amid growing economic concerns and dismal earnings disclosures by some listed companies.

DSEX, the core index of the Dhaka Stock Exchange (DSE), slid 48.93 points or 0.77 per cent to settle at 6,304, after gaining 3.50 points the day before.

Turnover also dropped to Tk 7.24 billion on the country's premier bourse, falling 9.27 per cent from previous day's tally of Tk 7.98 billion.

Market experts said the investors' concerns loomed around the current macroeconomic headwinds, dismal earnings disclosures as well as the central bank's decision to uplift the interest rate cap on consumer loans.

Most of the traded issues remained unchanged due to the 'floor price' restriction. Of the 344 issues traded, 87 declined, 25 advanced and 232 issues remained unchanged on the DSE.

Genex Infosys kept its dominance in the turnover chart with shares worth Tk 854 million changing hands, followed by Orion Pharma, Summit Alliance Port, Navana Pharma and Eastern Housing.

The Chittagong Stock Exchange (CSE) also slumped with the CSE All Share Price Index - CASPI -losing 126 points to settle at 18,636 and the Selective Categories Index - CSCX -shedding 77 points to close at 11,167.

Of the issues traded, 61 declined, 24 advanced and 64 issues remained unchanged. The port-city bourse traded 2.09 million shares with a turnover of Tk 147 million.

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