Price fall in large-cap drives stocks further down
Business Report :
Country’s both the bourses– Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) on Tuesday plunged further due to mainly price fall in large-cap securities.
DSEX, the broad index of the DSE, plunged by 57.4 points or 1.1 percent and settled at 5,243 points as against 5,300 points in the previous trading session. Two other indices also ended sharply lower with the DSE 30 Index, comprising blue chips, plunged 20.18 points to finish at 1,942.90 and the DSE Shariah Index (DSES) lost 17.50 points to close at 1,153.93.
Market analysts observed that the bourses remained sell-dominant throughout the session as investment appetite remains subdued amid the market’s waning momentum while the recently downgraded sovereign ratings of the country on Moody’s scale have further triggered the prevailing investor pessimism.
However, cautious investors are monitoring the market’s momentum to identify sector-specific stocks with potential for recovery following the earnings declaration season, they added.
Meanwhile, market turnover also decreased by 6.6 percent to Taka 5.1 billion as against Taka 5.5 billion in the previous session. On the sectoral front, Bank (13.5 percent) issues exerted the highest turnover, followed by General Insurance (13.2 percent) and Pharma (12.4 percent) sectors.
Most of the sectors displayed dismal returns, out of which Jute (-10.2 percent), Paper (-2.8 percent) and Life Insurance (-2.4 percent) exerted the most correction while Financial Institution (1.6 percent), Services (1.0 percent) and Food (0.4 percent) exerted some gains on the bourse on Tuesday.
Out of the 397 issues traded, 74 advanced, 264 declined and 59 remained unchanged.
The port city bourse, CSE, also settled on red terrain. The selected indices (CSCX) and All Share Price Index (CASPI) declined by 71.6 and 125.9 points respectively.
