Market deals blow as 77% of stocks suffer decline
The capital market dealt a blow on Wednesday, with 77% of stocks experiencing a decline as investors chose to book profits after a two-day rally following the removal of floor prices.
The key index DSEX at the Dhaka Stock Exchange (DSE) experienced a substantial dip, dropping over 49 points.
The DSEX recorded a decline of 0.79%, ending at 6,226 points, while the blue-chip index experienced a 0.88% drop, settling at 2,139 points by the session's end.
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As a result of increased selling pressure from investors, 305 declined, 61 advanced, and 30 remained unchanged.
As a crucial market indicator, the DSE observed a marginal decline in turnover, settling at Tk1,173 crore.
EBL Securities said in its daily market commentary that Dhaka stocks logged extreme hurdles owing to dominant sell pressures across the market as risk-averse investors were enticed into profit booking, being wary of a probable shift in market momentum after the indices slightly recovered from the initial plunge in the last two sessions following the removal of floor prices from the majority of scrips.
Sonali Paper claimed the leading position on the turnover table with a trade value of Tk66 crore, closely followed by Fu Wang Food and Orion Infusion.
In the midst of market dynamics, Khan Brothers PP Woven Bag, a fundamentally weak company, sustained its bullish trend by registering a notable 7.48% increase in its share price on the day, surpassing the Tk200 mark – a pinnacle not reached within the current year.
