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Stocks ended lower on Tuesday, as jittery investors opted to sell off their holdings to avoid further capital erosion in their already hampered portfolio.
The prime index of the Dhaka Stock Exchange (DSE) fell 35.87 points to settle at 5,070. It was the lowest level of DSEX in 42 months since December 9, 2020, when it was 5,069.88.
On Sunday and Monday, DSEX lost 131 points after the declaration of the FY25 proposed budget for FY25 while DSE lost more than 3.2 per cent in three trading days.
The blue-chip index DS30, a group of 30 prominent companies, saw a more than 8.73 points decline to 1803.06 while the DSES Index, which represents Shariah-based companies, fell 9.88 points to 1,093.79 till the end.
Turnover, a crucial indicator of the market, stood at Tk 4.32 billion at the end of trading which was 35.40 per cent higher than earlier trading days.
Market operators said the investors reacted negatively to the proposed budget as the budgetary measures failed to meet investors’ expectations while instability of exchange rates, rising inflation and upsurge made investors cautious.
The proposed budget has been unable to meet the investors’ expectations and the volatile macroeconomic outlook has compelled the majority of the investors to sell-offs.
On top of that, pre-Eid sale pressure and sale pressure on margin loans adjustment continued to put a negative impact on the market.
The majority of the stocks saw a price surge, as out of the 394 issues traded, 51 closed higher, 308 ended lower and 35 remained unchanged on the DSE trading floor.
Beacon Pharmaceuticals PLC, the most-traded stock with shares worth Tk 723.52 million changing hands, followed by Asiatic Laboratories Limited, Sea Pearl Beach Resort & Spa Limited, Taufika Foods and Lovello Ice-cream PLC, and British American Tobacco Bangladesh Company Limited.
The Chittagong Stock Exchange (CSE) ended higher with its All Share Price Index (CASPI) losing 107.75 points to settle at 14570 and the Selective Categories Index (CSCX) gaining 65.02 points to 8763.
The port city bourse traded 25.91 million shares and mutual fund units with a turnover volume of Tk 1079.74 million.