The market nosedived further on Sunday as the risk-averse investors dumped their holdings on major sector stocks, fearing further fall of share prices.
After falling below the ‘psychological’ threshold of 7,000 points in the previous day, the core index of the Dhaka Stock Exchange (DSE) slid 64.73 points or 0.92 per cent to settle at 6,926.
Two other indices also ended sharply lower with the DSE 30 Index, comprising blue chips, plunged 28.23 points to finish at 2,545 and the DSE Shariah Index (DSES) lost 9.37 points to close at 1,498.
Turnover, a crucial indicator of the market, remained low and amounted to Tk 11.40 billion, which was 13.4 per cent lower than the previous day’s tally of Tk 10.05 billion.
Market operators said heavy sell-offs in major sector stocks pulled the stocks down further.
The recent circular of Bangladesh Bank regarding the capital market exposure limit of non-bank financial institutions created panic among the investors, they said.
The central bank brought the non-banking financial institutions under its regular monitoring through specifying components of their capital-market investment.
The NBFIs have been asked to submit a report on capital-market investments to Bangladesh Bank on a quarterly basis, according to a BB notification issued last week.
Price erosion of large-cap stocks such as Grameephone, British American Tobacco, Investment Corporation of Bangladesh, Walton, Square Pharma, Beximco and Robi contributed to the market fall, according to amarstock.com, a market data analyst.
Prices of more than 71 per cent traded issues closed in the red as out of 380 issues traded, 270 declined, 77 advanced and 33 remained unchanged on the DSE trading floor.
Fortune Shoes topped the turnover chart with shares worth Tk 1.90 billion changing hands, followed by Beximco (Tk 550 million), National Life Insurance (Tk 395 million), Orion Pharma (Tk 335 million) and Bangladesh Shipping Corporation (Tk 198 million).
Hakkani Pulp & Paper was the day’s top gainer, posting 10 per cent gain while Genex Infosys was the worst loser, losing 8.73 per cent.
The Chittagong Stock Exchange (CSE) also ended sharply lower with the CSE All Share Price Index – CASPI –losing 229 points to settle at 20,230 and the Selective Categories Index – CSCX shedding 139 points to close at 12,143.
Of the issues traded, 211 declined, 77 advanced and 25 issues remained unchanged on the CSE.
The port city’s bourse traded 14.88 million shares and mutual fund units with turnover value worth about Tk 375 million.
