Stocks fell sharply on Wednesday, extending the losing streak for the two consecutive sessions, as investors went for a panic-driven sell-off amid concerns over the country’s macroeconomic situation.
The market opened lower and the downturn continued until the end of the session amid modest volatility, eventually ending over 73 points lower.
DSEX, the key index of the Dhaka Stock Exchange, slid 73.62 points or 1.10 per cent to settle at 6,592.
Two other indices also ended lower. The DSE 30 Index, comprising blue chips, fell 15.13 points to finish at 2,420 and the DSE Shariah Index (DSES) lost 15.47 points to close at 1,433.
Turnover, a crucial indicator of the market, also dropped and amounted to Tk 11.35 billion on DSE, which was 9.78 per cent lower than the previous day’s three months highest turnover of Tk 12.58 billion.
Market insiders said the global price instability has made investors concerned about the macroeconomic situation of the country.
More than 85 per cent of traded issues lost prices as out of 379 issues traded, 323 declined, 35 advanced and 21 remained unchanged on the DSE trading floor.
Rangpur Dairy & Food Products was the most-traded stock with shares worth Tk 985 million changing hands, followed by ACI Formulations (Tk 770 million), Beximco (Tk 471 million), JMI Hospital Requisite Manufacturing (Tk 464 million) and Shinepukur Ceramics (Tk 290 million).
BD Finance was the top gainer, posting a 6.96 per cent gain while Asia Insurance was the worst loser, losing 6.37 per cent following its corporate declaration.
The Chittagong Stock Exchange (CSE) also ended sharply lower with the CSE All Share Price Index – CASPI –losing 202 points to settle at 19,329 and the Selective Categories Index – CSCX – shedding 119 points to close at 11,598.
Of the issues traded, 247 declined, 40 advanced and 20 issues remained unchanged on the CSE.
The port city’s bourse traded 8.83 million shares and mutual fund units with a turnover value worth Tk 258 million.