Business Report :
The Dhaka Stock Exchange (DSE) witnessed a decline in market capitalisation by over Tk8,000 crore, attributed to the index’s downfall over three consecutive sessions. On Wednesday, the benchmark index DSEX of the DSE dropped by 58 points, settling at a 11-session low of 5,527, marking an extension of the losing streak for three consecutive days.
The turnover value at the DSE also dropped by 21% to Tk526 crore, marking the lowest figure recorded in the last 13 sessions.
Market insiders suggested that investor confidence waned due to recent news in a foreign newspaper regarding the alleged heist of the country’s forex reserves.
However, Bangladesh Bank refuted the claim, stating that no reserve heist occurred as reported by the foreign paper.
Additionally, regulatory interference disrupted the market’s equilibrium, added insiders.
On 24 April, the Bangladesh Securities and Exchange Commission (BSEC) reduced the circuit breaker lower limit to 3% from 10%.
Following this decision, more than 10,000 beneficial owners (BOs) liquidated their entire holdings out of fear that the restriction would freeze their funds.