Dhaka, Bangladesh (BBN)- Dhaka stocks plunged more than three per cent Wednesday and the key index dipped bellow 5,000-point mark again after six weeks as most investors sold-off shares fearing further fall of share prices.
The DSE experienced sharp fall on the day, as most of the investors sold shares out fearing further fall of the market.
"As the deadline to comply with SEC's directive on minimum share holding by the sponsors-directors forthcoming, the investors worried on the outcome of writ petitions filed by few sponsor-directors of listed companies," commented IDLC Investments Limited.
Fear besieged the market resulting in panic sale throughout the day's session without any reversal, it added.
The market fell more than 45 points within first half an hour and the down trend continued until the market closure and finally ended 168 points lower.
The DGEN, the benchmark general index of the DSE, plummeted 168.68 points or 3.32 per cent to close at 4,901.60. Earlier on March 29, the index reached 4,990 points.
The broader All Shares Price Index (DSI) slipped 139.28 points or 3.26 per cent to close at 4,122.05. The DSE-20 Index comprising blue-chip shares also lost 68.70 points or 1.78 per cent to close at 3,773.94.
Prices of most of the shares traded on the day declined. Out of 266 issues, 245 declined, only 13 advanced and eight remained unchanged.
However, the turnover value remained almost unchanged as it stood at BDT 3.83 billion against BDT 3.78 billion in the previous session.
A total of 69.10 million shares changed hands on the day against 63.68 million in the previous session. The trade deals also increased to 97,930 against Tuesday's 90,209.
The total market capitalization of the DSE stood at BDT 2,571.05 billion against BDT 2,642.27 billion in the previous session.
All the major sectors witnessed a downturn for the second consecutive session, with non-banking financial institution’s (NBFIs) losing the most 5.23 percent.
Telecommunications, fuel and power, banks and pharmaceuticals lost 4.30 percent, 3.71 percent, 2.35 percent and 1.74 percent respectively.
LankaBangla Finance continued to top the turnover chart with shares worth BDT 252.81 million changed hands.
The other turnover leaders were Grameenphone, Meghna Petroleum, Jamuna Oil, Beximco Limited, Square Pharma, City Bank, Titas Gas, GHP Ispat and Aftab Automobiles.
National Tea Company was the day's highest gainer posting a rise of 4.92 percent.
It was followed by ACI Formulations, Standard Insurance, First Bangladesh Fixed Income Fund, BATBC, First Security Islami Bank, Paramount Insurance, IBBL Mudaraba Perpetual Bond and ACI 20 per cent Convertible Zero Coupon Bonds.
The day's worst losers included FAS Finance and Investments, BSC, Karnaphuli Insurance, BD Autocars, LankaBangla Finance, In Tech Online, MBL First Mutual Fund, Padma Life Insurance, Dhaka Insurance and Navana CNG.
BBN/SSR/AD-10May12-10:30 am (BST)
