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The Financial Express

Panic sale sends stocks to 42-month low

| Updated: December 19, 2019 11:42:58


Panic sale sends stocks to 42-month low

The prime index of Dhaka bourse tumbled to 42 months low on Tuesday as panic-driven investors dumped their holdings to prevent further losses.

DSEX, the prime index of the Dhaka Stock Exchange, slumped 78.66 points or 1.74 per cent to settle at 4,419.

It was the lowest level of DSEX in 42 months since June 27, 2016, when DSEX was 4,412.

Market analysts said lack of confidence, poor macroeconomic indicators, dearth of quality stocks and liquidity crunch exacerbated the ongoing confidence crisis among investors.

A leading broker said investors mostly followed cautious stance as investors struggled with a persistent bearishness on the market and gloomy macroeconomic outlook.

Two other indices also ended lower. The DS30 index, comprising blue chips, plunged 30.33 points to finish at 1,508 and the DSE Shariah Index lost 20.27 points to close at 994.

Turnover, a crucial indicator of the market, also fell to Tk 2.81 billion, which was 8.16 per cent lower than the previous day’s turnover of Tk 3.06 billion.

Losers outnumbered the gainers, as out of 353 issues traded, 278 closed lower and 35 ended higher while 40 issues remained unchanged on the DSE trading floor.

Ring Shine Textiles dominated the day’s turnover chart with 12.49 million shares worth nearly Tk 157 million changing hands.

The other turnover leaders were Beacon Pharma, Square Pharma, Standard Ceramic and Brac Bank.

Anlimayarn Dyeing was the day’s best performer, posting a gain of 8.19 per cent while the Tung Hai Knitting was the worst loser, losing 9.90 per cent.

A total number of 111,618 trades were executed in the day’s trading session with trading volume of 108.35 million shares and mutual fund units.

The market-cap of the DSE also fell to Tk 3,380 billion on Tuesday, from Tk 3,433 billion in the previous session.

The port city’s bourse, the Chittagong Stock Exchange, also saw sharp decline with its All Shares Price Index (CASPI)—losing 232 points to close at 13,441 and the Selective Categories Index - CSCX –shedding 144 points to finish at 8,151.

Here too, the losers beat gainers, as 173 issues closed lower, 35 ended higher and 22 remained unchanged on the CSE.

The port city bourse traded 7.39 million shares and mutual fund units worth more than Tk 146 million in turnover.

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