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The stock ended 31.63 points down in the premier bourse on Tuesday, as the jittery investors continued to sell off their holdings as investors went for panic sell-offs amid growing concerns over economic uncertainties.
Stocks opened higher on Tuesday, as sales pressure was reduced to some extent following the news of the recent meeting with the prime minister and business leaders. But it could not sustain the upward trend at the end.
The prime index of the Dhaka Stock Exchange (DSE) went down 31.63 points to settle at 5,279.
The premier index was 60 points up on Monday after a 7.83 per cent fall in nine trading sessions. The index fell 446 points from 13 May to 26th May. Just after one day the stock back into a losing streak.
The blue-chip index DS30, a group of 30 prominent companies, saw a more than 13.92 points decline to 1886.75 while the DSES Index, which represents Shariah-based companies, lost 7.63 points to 1,152.55 till the end.
Turnover, a crucial indicator of the market, stood at Tk 4.41 billion at the end of trading which was 12.90 per cent lower than earlier trading days.
The rising interest rates already turned fixed-income instruments more lucrative compared to the equity market, while a further rate hike is likely to worsen the situation.
Besides, the news of a possible capital gain tax to be imposed on gains exceeding Tk 4.0 million and an increased corporate tax rate hike dampened the market sentiment severely, said market experts.
“The investors are in a very tough situation as they are witnessing continuous erosion of their portfolios,” said a leading broker.
The majority of the stocks saw price erosion, as out of the 394 issues traded, 92 closed higher, 265 ended lower and 37 remained unchanged on the DSE trading floor.
IFIC Bank, the most-traded stock with shares worth Tk 214 million changing hands, followed by eGeneration Limited, Reliance One the first scheme of Reliance Insurance Mutual Fund, Alif Industries Limited, and Orion Pharma Ltd.
The Chittagong Stock Exchange (CSE) ended lower with its All Share Price Index (CASPI) losing 72 points to settle at 15240 and the Selective Categories Index (CSCX) losing 43 points to 9170.
The port city bourse traded 13.84 million shares and mutual fund units with a turnover volume of Tk 1.7 billion.