Dhaka, Bangladesh (BBN)– Bangladesh’s stocks plunged for the second day on Monday, hitting a 43-month low, as panic-stricken investors continued selling shares.
The core index of Dhaka Stock Exchange (DSE) on the day continued its sharp loss for the second consecutive session as majority number of listed securities lost prices amid investors’ selling pressure.
After investors’ day long selling frenzy, the DSE broad index DSEX lost 1.54 per cent or 68.18 points to close at 4331.95.
Majority number of listed securities witnessed price correction on the DSE. Some large cap companies including Grameenphone and Square Pharmaceuticals played significant role in plunge of the core index.
The market opened the Monday’s session with a positive note but after half an hour the DSEX started to decline and continued the trend till closure without any recovery stance.
Finally, the core index closed the session with a major loss.
The shariah-based index DSES declined 1.23 per cent or 12.29 points to close at 983.13 points.
The DS30 index comprising blue chip securities went down by 1.91 per cent or 28.41 points to close at 1451.89 points.
Of 355 issues traded, 63 advanced, 253 declined and 39 were unchanged on the premier bourse DSE.
The turnover stood at above BDT 3.75 billion which was 28.52 per cent higher than the turnover of the previous session.
Of the major sectors based on market capitalisation, financial institutions declined 2.7 per cent followed by telecommunication 2.7 per cent, services and real estate 2.2 per cent, and bank 2.0 per cent.
Investors focussed mostly on banking sector which snared 18 per cent of the market turnover followed by engineering 12.80 per cent, pharmaceuticals & chemicals 9.1 per cent and fuel & power 8.6 per cent.
On Monday, the newly-listed ADN Telecom made its debut trading and witnessed a sharp rise in market price.
The company’s share trading was started with an opening price of BDT 27 and at the end of the session the price closed at BDT 40.50 with a rise of 50 per cent or BDT 13.50.
LafargeHolcim Bangladesh featured a turnover of above BDT 262 million followed by Khulna Power Company BDT190 million, AND Telecom BDT 165 million, BRAC Bank BDT 164 million and Square Pharmaceuticals BDT 164 million.
LafargeHolcim Bangladesh was also the number one gainer with a rise of 7.06 per cent to close at BDT 39.40 each.
S. S. Steel was the worst loser after declining 7.26 per cent to close at BDT 21.70 each.
On the other hand, the Chittagong Stock Exchange (CSE), the benchmark index CASPI also witnessed a sharp loss amid investors’ lower participation.
At the end of the session, the benchmark index CASPI lost 1.16 per cent or 148.02 points to close at 13233.58 points.
Of 240 issues traded, 50 advanced only while 163 declined and 27 remained unchanged. And the turnover stood at above BDT 161.62 million on the port city bourse CSE.