Dhaka stocks sink to 3-year low

DSEX, the key index of the Dhaka Stock Exchange (DSE), fell by 86 points or 1.6 per cent on Sunday, owing to the huge shares sell-off.

The prime index dipped below the 5,500 mark after more than three years, as jittery investors continued to dump their holdings to avoid further losses.

DSEX finally slid more than 86 points to settle at 5,431 at the end of trading, which is the lowest since April 27, 2021.

The blue-chip index, DS30, a group of 30 prominent companies, also lost more than 25 points to settle at 1,948 while the DSES Index, which represents Shariah-based companies, shed 20 points to close at 1,191.

Stocks extended the losing streak as investor sentiment observed a fresh blow amidst emerging external challenges arising from tightened money market conditions following the latest policy rate hike that hampered the market’s recovery, according to a leading broker.

On Sunday, DSE's turnover fell by 39 per cent to Tk 409 crore, from the previous trading session’s Tk 676 crore.

More than 88 per cent of traded shares saw price fall. Of the 388 issues traded, 347 saw price fall, 22 managed to end higher while 19 remained unchanged on the DSE trading floor.

Beach Hatchery became the most traded share with shares worth Tk 18 crore changing hands, followed by eGeneration, ICB AMCL Sonali Bank 1st Mutual Fund, Orion Infusion and Orion Pharma.

Shepherd Industries was the day’s highest gainer, posting a 9.35 per cent increase while Desh Garment was the worst loser, shedding 3 per cent.

The Chittagong Stock Exchange (CSE) also plunged on Sunday. The All Share Price Index, CASPI, shed 269 points to settle at 15,737 and the Selective Categories Index, CSCX, lost 165 points to close at 9,472.