DSEX drops below 6400-mark on selling binge

| Updated: June 22, 2022 14:04:30

DSEX drops below 6400-mark on selling binge

The prime index of the Dhaka Stock Exchange (DSEX) slumped below the 6,400-mark further on Monday as investors sold shares amid rising inflation news.

The market opened on a negative note and the downward trend continued until the end of the session, eventually ending over 49 points lower.

DSEX, the core index of the Dhaka Stock Exchange, went down by 49.08 points or 0.76 per cent to settle at 6,357, the lowest in the four weeks since May 26.

DSEX shed over 68 points in the past two consecutive sessions.

Two other indices also ended lower. The DSE 30 Index, comprising blue chips, fell 15.37 points to finish at 2,314 and the DSE Shariah Index (DSES) lost 9.09 points to close at 1,388.

Turnover, the crucial indicator of the market, also dropped and amounted to Tk 8.22 billion, which was 8.15 per cent lower than the previous day’s tally of Tk 8.95 billion.

Market insiders said the cautious investors went on a selling binge from the beginning of the session amid rising inflation while the worsening flood situation exacerbated the market condition.

Besides, investors were not happy with the budgetary measures on the capital market and the instability of the exchange rate made them cautious, they said.

Prices of more than 85 per cent traded issues declined as out of 382 issues traded, 325 declined, 36 advanced and 19 issues remained unchanged on the DSE trading floor.

Beximco was the most-traded stock with shares worth Tk 835 million changing hands, followed by JMI Hospital Requisite (Tk 421 million), Anwar galvanizing (Tk 347 million), Bangladesh Shipping Corporation (Tk 343 million) and Shinepukur Ceramics (Tk 248 million).

Meghna Insurance was the top gainer, posting a 9.90 per cent gain while Asian Tiger Sandhani Life Growth Fund was the day’s worst loser, losing 2.0 per cent.

The Chittagong Stock Exchange (CSE) also closed lower with the CSE All Share Price Index – CASPI –shedding 139 points to settle at 18,728 and the Selective Categories Index – CSCX – losing 83 points to close at 11,229.

Of the issues traded, 225 declined, 35 advanced and 27 issues remained unchanged on the CSE.

The port city’s bourse traded 18.40 million shares and mutual fund units with a turnover value worth nearly Tk 572 million.

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