Dhaka, Bangladesh (BBN)– Bangladesh’s stocks plummeted sharply on Sunday with key index of the prime bourse dipped below 4,400 points mark as investors went for selling spree on textile, pharmaceuticals and fuel and power stocks.

DSEX, the prime index of the Dhaka Stock Exchange (DSE) came down below 4,400 points mark after four trading sessions and ended at 4,361.58 points, shedding 47.21 points or 1.07 percent.

The DS30, comprising blue chips lost 19.87 points or 1.21 percent to close at 1,618.20 points. The DSE Shariah Index (DSES) dropped 10.51 points or 1.03 percent to close at 1,007.71 points.
 
DSE turnover came down further to BDT 3.14 billion, registering a decline of 14.81 percent over the previous session’s value of BDT 3.68 billion.
 
International Leasing Securities, said, “The investors went for selling spree as the market is still plagued with sluggish mood”.
 
 “Market dragged down to red by strong selling pressure on textile, pharmaceuticals and fuel and power stocks,” commented LankaBangla Securities, in its daily market analysis.
 
“Investors have continued their cautious mood amid concern over lower private investment and the sluggish pace of job creation,” said the stock broker.
 
IDLC Investments, a merchant bank, said that the investors seemed focusing on market level dynamics. In absence of any significant issues, waves of profit booking flooded the market.
 
After neutralizing budget-specific issues, investors started thinking about upcoming half-yearly and yearly earnings/corporate declarations,” said the merchant bank.
 
Meanwhile, debutant Peninsula Chittagong couldn’t encourage on the day’s participation much. Subsequently, the stock gained only 22.33 per cent and captured 10.36 per cent of day’s total turnover.
 
Out of 291 issues traded, 212 declined, 47 advanced and 32 closed unchanged on the DSE floor.
 
The total market capitalisation on DSE stood at BDT 2,898.26 billion against BDT 2,909.23 billion in the previous session.
 
GP dominated the day’s topped turnover chart with shares worth BDT 412.50 million changing hands followed by newly listed Peninsula Chittagong, BSRM Steels, Lafarge Surma cement and Meghna Petroleum.
 
Newly listed Peninsula Chittagong was the day’s highest gainer, posting a rise of 22.33 percent while Jute Spinners was the day’s worst loser, slumping by 17.56 percent.
 
The port city bourse, Chittagong Stock Exchange (CSE) also closed lower with its Selective Categories Index – CSCX – lost 100.68 points to close at 8,309.74 points.
 
Losers beat gainers 159 to 23, with 12 issues remaining unchanged at the port city bourse that traded 6.23 million shares and mutual fund units, turnover value of BDT 233.18 million.

BBN/SI/BB-15June14-6:30 pm (BST)