Debt market cap surpasses equity as stocks fall for fourth straight session
Despite some mid-session support from bargain hunters, the rebound proved short-lived as sellers’ regained control, dragging most scrips lower, according to the market insiders.
The country's capital market witnessed a significant shift yesterday as the debt market's capitalisation overtook equity, which is rare, amid persistent volatility in stocks.
Debt securities were valued at Tk3.60 lakh crore compared to equity's Tk3.55 lakh crore, according to Dhaka Stock Exchange (DSE) data.
Meanwhile, the bearish trend in equities deepened, with indices extending losses for a fourth straight session due to broad-based selling pressure and a lack of fresh catalysts to revive market sentiment.
The benchmark DSEX dropped 44.7 points, or 0.83%, to close at 5,337 points, its lowest level since 14 August. The index has now lost 172 points over the past four trading days, eroding Tk8,527 crore in market capitalisation.
Keep updated, follow The Business Standard's Google news channel
The blue-chip DS30 index shed 12 points to 2,071, while the Shariah-compliant DSES slipped 8 points to 1,150.
Out of 397 issues traded on the DSE, 301 declined, 43 advanced, and 53 remained unchanged.
Despite some mid-session support from bargain hunters, the rebound proved short-lived as sellers' regained control, dragging most scrips lower, according to the market insiders.
Investor participation also weakened further, with turnover falling 12.3% to Tk544.79 crore, an 11-week low. The last time turnover dipped lower was on 3 July this year, when it stood at Tk506 crore.
Sectoral performance remained largely negative. Textiles tumbled 2.1%, exerting the biggest drag on the index, followed by travel (-1.9%) and life insurance (-1.6%). In contrast, services gained 1.1% and telecom edged up 0.3%, providing marginal relief.
Among individual performers, Zeal Bangla, GQ Ball Pen, Fareast Finance, Jute Spinners, and BD Autocars emerged as the day's top gainers. On the other hand, Baraka Power, Trust Islami Life Insurance, First Security Islami Bank, Zaheen Spinning Mills, and Crown Cement were the top losers.
The port city bourse, Chittagong Stock Exchange (CSE), also mirrored the downbeat sentiment. Its Selective Categories Index (CSCX) fell 64.8 points, while the broader All Share Price Index (CASPI) declined 120.8 points.
