Dhaka, Bangladesh (BBN)– Bangladesh’s stocks on Wednesday failed to maintain the momentum of the previous day that saw sharp rise that indicates retail investors remain unconvinced by the government moves to support the market.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), settled at 4781, losing 40.01 points or 0.82 per cent after gaining 110 points in the previous day.
Two other indices also ended lower. The DS30 index, comprising blue chips, lost 18.65 points to finish at 1,685 and the DSE Shariah Index shed 9.92 points to close at 1,099.
Market experts said the institutional investors are suffering from liquidity crunch while the retail investors are not confident enough to inject funds into stocks amid a gloomy market outlook, taking the market in the deep red zone again.
The risk-averse investors showed their selling binge on large-cap stocks like Grameenphone, United Power, BATBC, Square Pharma and BRAC Bank, contributed 22 points fall of index jointly, they explained.
They also said the general investors remain unconvinced by ICB’s announcement to provide support to the flagging market, so despite a jump of 110 points on Tuesday most of them washed off their portfolio.
Turnover, a crucial indicator of the market, also fell to BDT 3.24 billion, which was 1.22 per cent lower than the previous day’s turnover of BDT 3.28 billion.
On the other hand, the Chittagong Stock Exchange also ended lower with its All Shares Price Index (CASPI)—losing 91 points to close at 14,555 and the Selective Categories Index – CSCX –shedding 54 points to finish at 8845.
Losers beat gainers as 159 issues closed lower, 59 ended higher and 29 remained unchanged on the CSE.