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Dhaka stocks fell sharply on Sunday as investors released their holdings ahead of year-end adjustment coupled with Omicron worries.
The sell-off was led by tannery, jute, services, NBFI, travel, ceramics, bank, and telecommunications.
The benchmark DSEX index declined 85 points or 1.23 per cent at 6,783 after the upswing in the previous session.
The Shariah-based DSES index was down 19 points or 1.3 per cent at 1,443 while the blue-chip comprising the DS30 index slipped 38 points or 1.5 per cent at 2,547.
The market plunged amid a broader market sell-off, attributed to the year-end adjustment and Omicron worries, according to dealers.
Besides, turnover declined by 2.62 per cent to Tk 786 crore as against Tk 807 crore of the previous session.
Amid the dull trading, insurance sectors stole the show as investors’ participation was mostly concentrated in the scrips.
The insurance index gained 3.39 per cent driven by Easter Insurance shined hitting the upper limit circuit at 10 per cent. It was followed by Asia Insurance, Bangladesh National Insurance Company, Provati Insurance and Peoples Insurance. They were among the top ten gainers.
The majority of the stocks closed in the red. Out of the 378 issues traded, 87 advanced, 266 declined, and 25 remained unchanged.
“Dhaka stocks failed to keep up the positive momentum and the equity indices ended in the red trajectory as investors engaged in sell-offs to avoid further correction,” said the EBL Securities in a note.
The trading activities were concentrated on banks, general insurance and miscellaneous, which together made up more than 30 per cent of the total trade.
The top losers included SS Steel, Aramit Cement, Fortune Shoes, Beach Hatchery, Aziz Pipes, Meghna Pet Industries, and Apex Foods.
Beximco Ltd was the most traded stock, followed by One Bank, Sonali Paper, Fortune Shoes, Active Fine Chemicals, Sena Kalyan Insurance.
The port city bourse, CSE, also settled in red terrain.
The selected indices (CSCX) and All Share Price Index (CASPI) declined by 202.5 points and 336.3 points respectively.
