Business Report :
The stock ended 61.54 points down in the premier bourse on Sunday, extending its losing streak as the jittery investors continued to sell off their holdings as investors went for panic sell-offs amid growing concerns over the economic uncertainties.
Following the previous week’s major fall, the DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down 61.55 points to settle at 5,251.
The prime index has lost nearly 7.83 per cent in the last 9 trading days. The current index is the lowest in the last 37 months. DSEX was lower than this on 12th April 2021. The index was 5188 on the day.
The blue-chip index DS30, a group of 30 prominent companies, saw more than 19 points fell to 1888 while the DSES Index, which represents Shariah-based companies, lost 13.06 points to 1,146.47 till the end.
Turnover, a crucial indicator of the market, stood at Tk 3.23 billion at the end of trading, which was 36.50 per cent lower than earlier trading days.
The current Turnover is the lowest in the last 5 months. DSEX was lower than this on 3rd January 2024. The Turnover was 2921 on the day.
The rising interest rates already turned fixed-income instruments more lucrative compared to the equity market, while a further rate hike is likely to worsen the situation.
Besides, the news of a possible capital gain tax to be imposed on gains exceeding Tk 4 million and an increased corporate tax rate hike dampened the market sentiment severely, said market experts.
“The investors are in a very tough situation as they are witnessing continuous erosion of their portfolios,” said a leading broker.
The majority of the stocks saw price erosion, as out of the 382 issues traded, 31 closed higher, 322 ended lower and 29 remained unchanged on the DSE trading floor.
Orion Pharma Ltd was the most-traded stock with shares worth Tk 209 million changing hands, followed by British American Tobacco Bangladesh Company Limited, Taufika Foods and Lovello Ice-cream PLC, Unilever Consumer Care Limited, and Reliance One the first scheme of Reliance Insurance Mutual Fund.