Home ›› 12 May 2022 ›› Stock
Dhaka stocks on Wednesday extended their losing streak for the third straight session with the benchmark DSEX index falling below the 6,600-level after one month.
After setting off positively in the morning, the index was sharply down by over 73 points or 1 per cent to close at 6,591—its lowest since April 19 this year.
The market could have fallen sharply but 2 per cent lower limit circuit breaker set by the securities regulator prevented the index from going down further.
Its junior indices—the Shariah-based DSES index declined 15 points or 1 per cent at 1,433 while the blue-chip DS30 index slipped 15 points or 0.62 per cent at 2,420.
“The volatile commodity prices and an inflation report might to steer the market,” said an analyst.
A group of investors opted for short-term profit-taking cues from the global economic turmoil caused by the commodities market, he added.
All the sectors turned red on selling pressure led by financial institutions, telecommunications, ceramics, cement and textile sectors.
The market pivotal such as Grameenphone, ICB, Robi, Square Pharmaceuticals, United Power Generation & Distribution Company Limited, and Lafarge Holcim Bangladesh chipped away maximum points of the key index.
Most of the issues lost their luster as out of 379 issues traded, 35 advanced, 323 declined and 21 remained unchanged.
“Equity indices of the capital market observed a major setback as investors engaged in profit booking taking advantage of the recent upward rally,” said EBL Securities in a note.
Amid the global economic turmoil owing to commodities market volatility and price increases for essentials most investors adopted a conservative approach and favoured sell-off stocks to avoid any considerable correction, it said.
Participation decreased as turnover stood at Tk 1,135 crore, down more than 9 per cent from Tuesday’s Tk 1,258 crore.
The port city bourse, CSE, also settled in red terrain. The selected indices (CSCX) and All Share Price Index (CASPI) have declined by 119.9 points and 202.3 points respectively.
