Seven-day market slump spurs protest against BSEC chief
Over the past seven consecutive sessions, the DSEX index has shed 179 points
The benchmark DSEX index of the Dhaka Stock Exchange (DSE) fell by 18 points on Tuesday, extending its losing streak to seven consecutive sessions and fueling investor discontent toward the securities regulator.
The DSEX closed at 5,026 points on the day, which was the lowest since 29 October. The blue-chip index DS30 also dropped by 3 points to settle at 1,859.
Over the past seven consecutive sessions, the DSEX index has shed 179 points, deepening investor frustration amid a prolonged bearish trend. In response, general investors have announced a protest rally in front of the Bangladesh Bank at Motijheel today, demanding the resignation of Bangladesh Securities and Exchange Commission (BSEC) Chairman Khandaker Rashed Maqsood.
In a press release issued today (22 April), the Bangladesh Capital Market Investors Association called on all investors and stakeholders to join the protest march at 2:20pm, citing the continuous decline of the capital market as a key reason for their demand.
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Earlier, on 15 April, general investors had also sent a letter to Chief Adviser Muhammad Yunus, urging the removal of both chairmen of the BSEC and Investment Corporation Bangladesh (ICB).
Meanwhile, on Tuesday, out of 401 issues traded on the DSE, 119 advanced, 214 declined, and 68 remained unchanged. Trading activity remained sluggish, with total turnover falling by 5% to Tk340 crore, compared to Tk359 crore in the previous session.
EBL Securities, in its daily market review, said the downward spiral in the country's capital market persists with lacklustre trading activity as lingering pessimism and waning confidence keep investors on the sidelines, leaving the market mired in a state of prolonged uncertainty.
Sellers extended their dominance for seven consecutive sessions as unnerved investors continued trimming their equity exposure in the absence of any major trigger to revive investor confidence in the distressed market, the review added.
On the sectoral front, the banking sector led with 15.7% of total turnover, followed by pharmaceuticals and the fuel and power sectors.
Sectors mostly displayed dismal returns, out of which IT, life insurance and paper exerted the most corrections, while mutual fund exhibited marginal returns.
Mutual fund dominated the day's top gainers, where MBL First Mutual Fund led the chart, which was followed by Popular Life Insurance First Mutual Fund and First Janata Bank Mutual Fund.
On the losing side, Beach Hatchery was the worst performer of the day, falling 9.95% to Tk71.5. It was followed by Navana CNG, Desh General Insurance and Nurani Dyeing.
Meanwhile, the Chittagong Stock Exchange (CSE) also closed in negative territory. Its general index (CSCX) dropped 38 points to 8,583, while the all-share price index (CASPI) fell 69 points to 14,065.
