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Dhaka stocks were mostly lower on Wednesday after extreme volatility as investors were spooked by the brewing developments on the economic front.
The benchmark DSEX index swung between positive and negative heavily throughout the entire trading session and succumbed to selling pressure from every sector led by telecommunications, insurers, cement, and IT.
At close, the DSEX declined 50 points or 0.38 per cent to settle at 6,187, extending its losing streak for the second consecutive session, hitting a low of 6,139 and a high of 6,216.
The market breadth remained negative as out of 375 issues, 250 declined, 76 remained unchanged and 49 remained unchanged.
“Stocks on the Dhaka bourse plunged on investors’ worries as the global economic outlook made them nervous to exert selling pressure on the bourse,” said the EBL Securities in a note.
“Despite regulatory measures to revive the ailing market, stocks extended their losing run for the second day in a row as investors are yet to regain confidence on the bourse,” it said.
The bears tightened their grips as the turnover kept declining to stand at Tk 513 crore, down over 22.4 per cent over the previous session’s Tk 661 crore.
On the sectoral front, miscellaneous (15.2 per cent) issues exerted the highest turnover followed by pharma & chemical (14.8 per cent) and financial institution (10.2 per cent) stocks.
Most of the sectors displayed dismal performance, out of which IT (-2.3 per cent), general insurance (-1.4 per cent) and services (-1.2 per cent) sector exerted the most corrections while paper (1.8 per cent) and cement (0.3 per cent) generated some positive return on the bourse.
