DSE core index sheds 40 points on sale pressure

Business Report :
Stocks tumbled on Tuesday as risk-averse investors opted for booking short-term profits on sector-specific shares amid soaring inflation and in the absence of a major trigger in the market.
Inflation hit a fresh decade-high of 9.94 per cent in May, while some investors preferred to book profits, anticipating a tough time ahead because of the ongoing energy crisis.
Although the market showed positive momentum initially, the indices failed to sustain their gains after mid-session amid heavy selling pressure on major sector stocks.

The selloff in a number of previously trendy stocks dragged the prime index of the Dhaka Stock Exchange down by 40.10 points to settle at 6,316. The index also lost 9.84 points the previous day.
The price fall of large-cap stocks such as LafargeHolcim, Sea Pearl Beach Resorts, BSRM Steels, Navana Pharma and Unique Hotel & Resorts mostly contributed to the market plunge.
Lack of confidence among investors owing to economic uncertainty at home and abroad and higher inflation have made investors cautious, market insiders say.