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The Financial Express

DSEX tumbles to 28 months low

Investors stage token hunger strike


| Updated: April 30, 2019 15:52:17


DSEX tumbles to 28 months low

The prime index of the major bourse tumbled to nearly 28 months low on Monday amid lack of investors’ confidence to the ongoing bearish capital market.

DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 62.73 points or 1.20 per cent to settle at 5,175.

It was the lowest level of the DSEX in nearly 28 months low since January 08, 2017 when DSEX was 5,158.

Market analysts said the worried investors continued their selling binge amid dearth of quality stocks, lack of confidence and shortage of liquidity, behind the latest erosion in stock prices.

Lower than expected divided and earning disclosures some of the companies during the trading session also made investors upset, said a leading broker.

The securities regulator called an emergency meeting with the DSE top brokers in the evening on Sunday. However, the news failed to lift the market.

A group of aggrieved investors staged token hunger strike in front of the DSE building on Monday in protest against inaction of the authorities concerned on market slump.

The market opened on negative note and downturn continued until end of the session with no sign of reversal.

Two other indices also ended lower. The DS30 index, comprising blue chips, fell 20.17 points to finish at 1,835 and the DSE Shariah Index lost 10.42 points to close at 1,198.

Turnover, another important indicator of the market, however, also fell to Tk 2.98 billion, which was 13 per cent lower than the previous day’s Tk 3.44 billion.

The losers took a strong lead over the gainers as out of 347 issues traded, 217 declined, 86 advanced and 44 issues remained unchanged on the DSE trading floor.

A total number of 94,479 trades were executed in the day’s trading session with trading volume of 80.10 million securities.

The market capitalisation of the DSE also fell to Tk 3,827 billion on Monday, from Tk 3,873 billion in the previous day.

Fortune Shoes topped the turnover chart with 3.29 million shares worth Tk 123 million changing hands.

The other turnover leaders were Genex Infosys, Monno Ceramic, Bangladesh Submarine Cable Company and Brac Bank.

Eastern Insurance was the day’s best performer, posting a gain of 13 per cent while Malek Spinning was as the worst loser, losing 19.62 per cent.

The port city bourse, Chittagong Stock Exchange, also ended lower with its CSE All Share Price Index – CASPI –shedding 183 points to settle at 15,869 and the Selective Categories Index - CSCX –losing 107 points to finish at 9,602.

Here too, the losers beat gainers, as 157 issues closed lower, 47 ended higher and 29 remained unchanged on the CSE.

The port city bourse traded 4.34 million shares and mutual fund units worth Tk 116 million in turnover.

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