Price fall in large-cap drives stocks down

Business Desk :

Country’s both bourses, Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) on Sunday plunged amid escalating geopolitical tensions in the Middle East, which triggered broad-based selloffs as rattled investors adopted a cautious stance and chose to remain watchful of the market’s trend.

DSEX, the broad index of the DSE, plummeted by 138.6 points to settle at 5,462 points, as against 5,600 points in the previous trading session.

Market analysts observed that the market opened with a steep decline, with the index shedding over 200 points at the outset as aggressive selling pressure dominated from the market’s opening bell.

Despite a partial recovery from the initial plunge, the market largely remained under sustained downward pressure throughout the session, with most scrips trading in negative territory.

Meanwhile, market turnover also decreased by 18.1 percent to Taka 7.8 billion from Taka 9.5 billion in the previous session.

On the sectoral front, Bank (24.2) percent issues exerted the highest turnover, followed by Pharma (13.1) percent and Textile (8.7) percent sectors. All the sectors displayed dismal returns, out of which Travel (-4.2) percent, Paper (-3.7) percent and Financial Institution (-3.2) percent exerted the most corrections on the bourse on Sunday.

Out of the 397 issues traded, 30 advanced, 350 declined and 17 remained unchanged.
The port city bourse, CSE, also settled on a negative zone. The Selective Categories’ Index (CSCX) and All Share Price Index (CASPI) lost 165.4 points and 245.9 points, respectively.