Home ›› 19 Jul 2022 ›› Stock
The Dhaka Stock Exchange’s broad index, DSEX on Monday slid 87.40 points to settle at 6,217, lowest in almost two months since May 25, as panic-stricken investors sold heavily after the government announced conservative policies to address the country’s ongoing power and energy crisis.
The key index has shed over 150 points in the past five straight sessions. DSEX, on Monday fell 1.38 per cent.
Meanwhile, the prime bourse’s turnover decreased by 13.18 per cent to Tk 515 crore. The textile sector dominated the turnover chart, covering 12.80 per cent of total turnover. Market insiders said pressure on the foreign reserve, rising inflation, and depreciation of taka had already made investors worried about the bourse.
In any event, certain policy moves from the government, such as the closure of diesel-powered power plants to decrease electricity generating costs, put further strain on the ailing market.
The government has decided to enforce a nationwide daily one-hour of staggered area-based power cuts from Tuesday as the country faces a fuel crunch disrupting power generation.
“Primarily, we will conduct daily area-wise one-hour load-shedding on an experimental basis. If needed, then after one week we will recast the decision,” said State Minister for Power, Energy and Mineral Resources Nasrul Hamid said at a press briefing at his ministry on Monday afternoon in a revised announcement.
Hours earlier the load-shedding was announced for two hours a day.
The earlier announcement was made by the Prime Minister’s Energy Adviser Tawfiq-e-Elahi Chowdhury who said the rationing was needed to overcome the power crisis.
The adviser announced the decision after a high-level meeting at the Prime Minister’s Office Monday morning.
Investors’ participation was nearly two months lower since most equities lost buyers’ interest due to the lack of confidence on the trading floor.
They also said stocks plunged further as looming global economic uncertainties and the country’s macroeconomic cues weakened investors’ sentiment.
Two other indices also ended lower. The DS30 Index lost 31.73 points to close at 2,236. The DSES Index plunged 16.61 points to finish at 1,359.
Out of 382 issues traded, 358 declined, 12 advanced and 12 were unchanged.
Delta Life Insurance was the most-traded stock, with shares worth Tk 35 crore changing hands, followed by Beximco, Fortune Shoes, Grameenphone and Orion Infusions.
On the sectoral front, textile (12.8%) issues exerted the highest turnover, followed by pharma & chemical (12.0%) and life insurance (9.9%) stocks. All of the sectors displayed dismal returns, out of which jute (-2.0%), paper (-1.9%), and life insurance (-1.9%) exerted the most negative returns on the bourse Monday.
The port city’s stock exchange, the Chittagong Stock Exchange (CSE) also, settled in red terrain. The selected indices (CSCX) and the All Share Price Index (CASPI) marginally declined by 146.1 and 242.6 points respectively.
Of the issues traded, 269 declined, 16 advanced, and 12 issues remained unchanged on the CSE. The port city’s bourse traded 6.05m shares and mutual fund units with a turnover value of Tk136m.
