DSEX hits two-year low as stocks down for 4 straight days
The benchmark index DSEX at the Dhaka Stock Exchange (DSE) spiralled downward for the fourth consecutive day, reaching a two-year low, as cautious investors opted for a sell-off to avoid further uncertainty on the trading floor.
DSEX lost 51 points today to settle at 6,006 with the blue-chip DS30 plummeting by 12 points to 2,063 and Shariah index DSES dipping 12 points to 1,309.
In the last four days, the DSEX lost 160 points.
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On 28 July, the key index was at 5,980, which was lowest in the last two years.
EBL Securities, in its daily market review, highlighted the persistent challenges faced by Dhaka stocks, attributing them to subdued market sentiment, with investors remaining apprehensive about concerns regarding the market outlook.
Meanwhile, with the reduced trading window due to the month of Ramadan and investors remaining on the sidelines due to the absence of a clear direction regarding the market trend, bourses observed a decrease in participation, while the market turnover in DSE decreased by 25% to Tk563 crore compared to the previous session.
Of the total scrips traded, 45 advanced, 308 declined, and 45 remained unchanged.
EBL Securities noted that the market, grappling with choppy trading, has seen cautious investors engaging in a selling spree to mitigate losses amidst a confidence crisis pervading the trading floor.
In terms of sectoral performance, engineering issues took the lead in turnover, contributing 21%, followed by the pharmaceutical and food sectors.
SS Steel emerged as the most actively traded stock with a turnover value of Tk32 crore, followed by Orion Infusion and Fu-Wang Ceramic.
Sectors mostly posted dismal returns, with ceramic, paper, and general insurance exerting the most corrections on the bourse on Tuesday.
Newly listed Asiatic Laboratories secured the top position on the gainers table as its share price jumped over 9%, followed by SS Steel, Golden Harvest, and Aramit Limited.
On the other hand, Kattali Textile, Fu-Wang Ceramic, Golden Son and GQ Ballpen were the top losers.
The port city bourse CSE also settled in the red terrain. The selected indices CSCX and All Share Price Index CASPI declined by 75 points and 124 points to settle at 10,365 and 17,263, respectively.
