Dhaka, Bangladesh (BBN)– Bangladesh’s stocks fell significantly on Tuesday as investors dumped their holdings to prevent further losses.
DSEX, the prime index of the DSE, plunged 52.74 points or 1.11 per cent to settle at 4,708. It was the lowest level of DSEX since November 17, 2016.
Two other indices also ended lower. The DS30 index, comprising blue chips, fell 14.60 points to finish at 1,660 and the DSES (Shariah) index lost 8.56 points to settle at 1,080.
The daily trade turnover on the prime bourse also dipped to BDT 2.88 billion as most of the investors were reluctant to make fresh investment in stocks amid ongoing bearish trend.
Turnover came down to BDT 2.88 billion, which was 18 per cent lower than the previous session’s turnover of BDT 3.50 billion.
Besides, market capitalisation has also shed BDT 638 billion in the past nine months since January 24.
Market players blamed that investors became more panicky day by day as they found there was no government move to reshuffle the BSEC while BSEC officials claimed that a section of stakeholders intentionally causing market plunge to ‘embarrass’ the commission.
Actually, investors were selling off shares fearing a further fall as they found no immediate solution to the current depressed market situation.
The investors have been mainly suffering a crisis of confidence for long and the recent fall of the index mounted the crisis among them.
So the policy markers should take measures to regain the confidence of investors immediately for brining back dynamism in the ailing stock market.
On the other hand, the Chittagong Stock Exchange, ended lower with the CSE All Share Price Index – CASPI – slumping 162 points to settle at 14,320 while the Selective Categories Index –losing 97 points to finish at 8,708.