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Stocks witnessed yet another big fall on Tuesday, extending the losing streak for the eighth session in a row, as jittery investors continued to dump their holdings, fearing further fall.
The market was already bearish after the withdrawal of ‘floor price’ from the largest and second largest market-cap stocks, while the floor withdrawal of another large-cap Robi Axiata exacerbated the market condition.
Right from the start of the trading session, Robi stock saw massive selloffs as investors wanted to get rid of their holdings that had remained stuck on the floor for a long period of time.
Robi, the fifth most valued stock in terms of market capitalisation, dropped 10 per cent to close at Tk 27 at the end of the session.
Robi’s price erosion alone accounted for about a 23-point fall in the benchmark index of the Dhaka Stock Exchange on Tuesday.
Accordingly, DSEX, the prime index of the Dhaka Stock Exchange, went down further by 84 points, or 1.43 per cent to settle at more than three-year low at 5,814.
The DSEX lost more than 352 points in the past eight consecutive sessions.
Two other indices also ended lower. The DS30 index, which consists of blue-chip companies, plunged more than 22 points to 2,020, while the DSES index, which represents Shariah-based companies, lost nearly 18 points to 1,268.
The turnover remained below Tk 5 billion mark and amounted to Tk 4.66 billion, which was 4.4 per cent lower than the previous day’s turnover of Tk 4.87 billion.
More than 80 per cent traded issues saw their price fall, as out of 396 issues traded, 319 closed lower, 41 higher, and 36 remained unchanged on the DSE trading floor.
The newly listed Asiatic Laboratories became the most traded shares, with shares worth Tk 406 million changing hands, followed by Fu-Wang Ceramic, Golden Son, Central Pharma and Renata.
Central Pharma was the day’s top gainer, posting a 7.72 per cent rise, while Robi was the worst loser, shedding 10 per cent.
The Chittagong Stock Exchange also saw a sharp decline, with its All Shares Price Index (CASPI) losing 275 points to 16,654 and the Selective Categories Index (CSCX) losing 165 points to 10,000.