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The stock market witnessed downturn in early hours of trading on Monday, as the jittery investors continued to sell-off their holdings amid growing concerns over the economic uncertainties.
Following the previous nine days' major fall, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by more than 12 points or 0.24 per cent to stand at 5,238, after the first hour of trading at 11:00 am, when the report was filed.
Two other indices also saw downturn with the DS30 index, comprising blue chips, losing 7 points to 1,881 while the Shariah Index (DSES) plunged 3 points to 1,142 till then.
Turnover, another important indicator of the market, remained low and amounted to Tk 1.80 billion after the first hour of trading.
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 possible capital gain tax to be imposed on gains exceeding Tk 4 million and 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.
Of the issues traded till then, 227 declined, 85 advanced, and 57 issues remained unchanged on the DSE trading floor till then.
Unilever was the most traded stock till then with shares worth Tk 333 million changing hands.
The Chittagong Stock Exchange, however, saw positive trend till then with its All Shares Price Index (CASPI)—gaining 4 points to stand at 15,237 the Selective Categories Index – CSCX rose 3 points to 9166, also at 11:00 am.
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