The key index of the Dhaka Stock Exchange (DSE) extended its downtrend mode on Wednesday for the third consecutive session as risk-averse investors continued their sell-frenzy and preferred to observe the market’s trend.
DSEX lost 47.45 points, or 0.82 per cent, and closed at 5,739.07. The blue-chip index, DS30, and the Shariah-based index, DSES, closed at 2,113.25 and 1,227.86 points, respectively.
Most of the large-cap sectors posted negative performance on Wednesday.
Market turnover also fell by 18.3 per cent to Tk 593 crore from the previous session’sTk 726 crore.
Engineering experienced the highest loss of 1.84 per cent, followed by NBFI at 1.75 per cent, Telecommunication at 1.28 per cent, Bank at 0.96 per cent, Food & Allied at 0.77 per cent, Pharmaceutical at 0.69 per cent, and Fuel & Power at 0.42 per cent.
Block trades contributed 5.4 per cent of the overall market turnover. BRAC Bank was the most traded share with a turnover of Tk47 crore.
Of the 397 issues traded, 80 advanced, 263 declined and 54 remained unchanged at DSE.
EBL Securities in its daily market commentary said that the benchmark index of the Dhaka bourse extended its correction mode for three consecutive sessions as risk-averse investors continued their sell-frenzy and preferred to observe the market’s trend and sit on cash to look for lucrative investment opportunities following the corrections.
Market volatility persisted throughout the session as sellers continued their dominance due to the weakening strength of the market’s momentum, it said.
BRACBANK became the most-traded stock, followed by IBNSINA, GP, IFIC and SEAPEARL. SPCERAMICS was the day's top gainer, soaring 9.52 per cent, while FAREASTFIN was the worst loser, losing 9.80 per cent.
The Chittagong Stock Exchange (CSE) also fell sharply on Wednesday, with the CSE All-Share Price Index, CASPI, losing 63.15 points to settle at 16,438.27 and the Selective Categories Index, CSCX, shedding 41.05 points to close at 9,908.71.
The port city bourse traded 2.531 million shares and mutual fund units with a turnover value of Tk 7.66 crore.
Of the issues traded, 115 declined, 69 advanced and 20 issues remained unchanged at CSE.
The market’s development on Wednesday came after the Bangladesh Securities and Exchange Commission (BSEC) on Sunday formed a five-member committee to investigate irregularities and corruption of the past.
In the first phase, the committee will investigate the alleged irregularities related to the issuance of two bonds by Beximco. The bonds are Beximco Green Sukuk Al Istisna and IFIC Guaranteed SreepurTownship Green Zero Coupon Bond.
According to the meeting’s decision, the panel will also investigate the issuance and selection of Bashundhara Group's ABG Ltd as the strategic partner of the CSE.
The committee, led by Zia Uddin Ahmed, chairman of Terra Resources International Investment & Marketing Services Inc ofUSA, has been given 60 days to submit the investigation report.
Market insiders said that stock investors are observing this move as a long-term positive one for the capital market.
