Stocks plummeted on Sunday with turnover hitting a 10-month low, as investors were mostly reluctant to make fresh investments amid fear of global economic turmoil due to the Russia-Ukraine war.
The market opened on a negative note and the downward trend continued throughout the session amid no sign of reversal.
Finally, DSEX, the key index of the Dhaka Stock Exchange (DSE), slid 67.54 points to settle at 6,698, after gaining a remaining flat in the past three consecutive sessions.
Market insiders said many investors remained worried about a possible adverse impact of the Russia-Ukraine war on the country’s economy while some were reluctant to make fresh investment in stocks ahead of the holy Ramadan.
“Most investors remained on the sidelines owing to the temporary circuit breaker, which caused many stocks to remain dearer at the current price level for the investors,” said the stockbroker.
Two other indices also ended lower with the DSE 30 Index, comprising blue chips, dropping 23.50 points to finish at 2,434 and the DSE Shariah Index (DSES) fell 13 points to close at 1,441.
Turnover, a crucial indicator of the market, slumped to 10 months low and amounted to Tk 6.16 billion, which was 26 per cent lower than the previous day’s tally of Tk 8.35 billion.
Prices of more than 89 per cent traded issues dropped on the prime bourse, as 339 issues declined, 23 advanced and 17 remained unchanged on the DSE trading floor.
Beximco topped the turnover list with shares worth Tk 535 million changing hands, closely followed by Dragon Sweater (Tk 276 million), Orion Pharma (Tk 172 million), IFIC Bank (Tk 136 million) and Bangladesh Shipping Corporation (Tk 121 million).
Low-cap companies continued to dominate the top turnover chart with Takaful Islami Insurance being the top gainer, posting a 6.61 per cent rise, while IFIC Bank was the worst loser, losing 7.64 per cent following its corporate declarations.
The Chittagong Stock Exchange (CSE) closed sharply lower with the CSE All Share Price Index – CASPI –losing 165 points to settle at 19,655 and the Selective Categories Index – CSCX – shedding 99 points to close at 11,791.
Of the issues traded, 237 declined, 30 advanced and 15 issues remained unchanged on the CSE.
The port city’s bourse traded 8.45 million shares and mutual fund units with a turnover value worth nearly Tk 176 million.
