Stocks tumble after single-day break

FE ONLINE REPORT | Sunday, 19 December 2021

Stocks witnessed a sharp fall on Sunday, after a single-day break, as investors dumped their holdings due to a confidence crisis.

DSEX, the prime index of the Dhaka Stock Exchange (DSE), slumped 84.98 points or 1.23 per cent to settle at 6,783, after gaining over 30 points in the previous day.

The core index wiped out more than 584 points or 8.0 per cent since it reached 7,367 recorded on October 10 this year.

Turnover, a crucial indicator of the market, also dipped to Tk 7.86 billion, which was 2.60 per cent lower than the previous day’s tally of Tk 8.07 billion.

Market analysts said stocks failed to maintain the previous day’s rising trend as investors went on a selling spree from major sector stocks amid lack of confidence.

Most of the investors opted for selling shares amid growing tension as the ongoing spat between Bangladesh Bank and Bangladesh Securities and Exchange Commission took a new turn on perpetual bond issue, according to a stockbroker.

Two other indices also ended sharply lower with the DSE 30 Index, comprising blue chips, shedding 38.75 points to finish at 2,547 and the DSE Shariah Index (DSES) plunged 19.05 points to close at 1,443.

More than 70 per cent of traded issues lost their price, as out of 378 issues transacted, 266 declined, 87 advanced and 25 remained unchanged on the DSE trading floor.

Beximco was the most traded stock with shares worth Tk 730 million changing hands, followed by ONE Bank (Tk 484 million), Sonali Paper (Tk 243 million), Fortune Shoes (Tk 238 million) and Active Fine Chemicals (165 million).

Eastern Insurance was the highest gainer, gaining 10 per cent while SS Steel was the day’s worst loser, losing 8.41 per cent.

The Chittagong Stock Exchange (CSE) also ended sharply lower with the CSE All Share Price Index – CASPI –plunging 336 points to settle at 19,738 and the Selective Categories Index – CSCX-- shedding 202 points to close at 11,862.

Of the issues traded, 204 declined, 63 advanced and 18 remained unchanged on the CSE.

The port city bourse traded 23.90 million shares and mutual fund units with a turnover value of Tk 550 million.

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