The daily trade turnover on the Dhaka Stock Exchange (DSE) tumbled to four-month low on Sunday as investors were reluctant to make fresh investments in stocks due to the bleak market outlook.
Turnover, a crucial indicator of the market, stood at Tk 2.93 billion on the country's premier bourse, falling further by 12 per cent from previous day's Tk 3.35 billion.
It was the lowest single-day transaction since August 4, the day before the fall of the Hasina-led government, when the turnover was recorded at Tk 2.08 billion.
Market analysts said investors were unwilling to make fresh bets amid a lack of confidence while the latest big fines imposed on market manipulators shook the already volatile market.
Investors were mostly cautious due to uncertainties over the ongoing economic and political tensions while the news of record inflations intensified pessimism about the market.
On Sunday, the market opened with a dominant sell pressure that caused the benchmark index to fall by around 50 points in the first hour of trading, while subsequent buying activity on sector-specific scrips provided some recovery from the initial plunge.
The DSEX, the prime index of the Dhaka Stock Exchange (DSE), finally went down by almost 15 points or 0.29 per cent to settle at 5,182. The DSEX lost 56 points in the past two trading days.
Islami Bank, Renata, National Bank, United Commercial Bank, and Pubali Bank jointly accounted for a 20-point fall of the key index.
Although Square Pharma, Power Grid, Beximco Pharma, BRAC Bank, and Eastern Bank witnessed price appreciation, they failed to offset the losses.
The blue-chip index DS30, a group of 30 prominent companies, saw a 3.29-point decrease to 1,908 while the DSES Index, which represents Shariah-based companies, dropped 7 points to 1,156.
According to EBL Securities, the anxiety over the market's momentum heightened following the latest regulatory fines imposed for stock manipulation.
Losers took a strong lead over gainers. Out of 395 issues traded, 248 closed lower, 87 ended higher and 60 remained unchanged on the DSE trading floor.
Bangladesh Shipping Corporation topped the turnover chart, with shares worth Tk 89 million changing hands, closely followed by Square Pharma, NRB Bank, Genex Infosys and the Investment Corporation of Bangladesh.
Sonargaon Textile was the day's top gainer, posting a gain of 9.60 per cent, while Prime Finance First Mutual Fund was the worst loser, shedding 9.66 percent.
The Chittagong Stock Exchange (CSE) ended down with its All Share Price Index (CASPI) losing 43 points to settle at 14,538 and the Selective Categories Index (CSCX) decreasing 25 points to settle at 8,914.
The port city bourse saw trades in 2.60 million shares and mutual fund units with a turnover value of Tk 46.59 million.
[email protected]
