Dhaka, Bangladesh (BBN) – Bangladesh’s stock witnessed free fall on Tuesday, extending the losing streak for third consecutive session as many investors offloaded shares amid lack of confidence.
At the end of Tuesday’s session, the broad index (DSEX) lost 1.43 per cent or 81.92 points and settled at 5,623.64 points.
Of 336 issues traded, only 18 issues closed in green, while 291 issues went red and 27 remained unchanged on the premier bourse.
The broad index of Dhaka Stock Exchange lost 204 points in last three sessions in a row.
“Panicked investors liquidated their position from almost all the sectors, especially bank, financial institution, engineering, food and telecom, leading the index to close below 5,650 points after June 29, 2017,” said a market review of International Leasing Securities.
The shariah based index (DSES) lost 1.3 per cent or 17.56 points to close at 1,333.19 points while DS30 index comprising blue chip securities declined 1.03 per cent or 21.90 points to close at 2,085.54 points.
The turnover stood at above BDT 2.82 billion, 5.33 per cent less than that of the previous session.
Of the major sectors, bank declined 2.1 per cent, followed by financial institutions 1.9 per cent, engineering 1.4 per cent, telecommunication 1.0 per cent and pharmaceuticals & chemicals 0.7 per cent.
Investors’ participation was concentrated mostly on textile sector, which grabbed 17 per cent of the market turnover, followed by bank 15.7 per cent and engineering 13 per cent.
Meanwhile, Queen South Textile Mills, which made debut trading on the day, gained 225 per cent from its offer price of BDT 10 each.
The company also topped the scrip-wise turnover chart with a value of BDT 185 million, followed by Monno Ceramic Industries BDT 117 million, Grameenphone BDT 74 million and Square Pharmaceuticals BDT 63 million.
CAPM IBBL Islamic Mutual Fund was the number one gainer with a rise of 3.92 per cent to close at BDT 10.60 each.
On the other hand, Reliance Insurance was the worst loser after declining 11.36 per cent to close at BDT 49.90 each.
Majority number of securities listed with the Chittagong Stock Exchange (CSE) also closed in red and subsequently the benchmark index displayed a free fall throughout the whole session on Tuesday.
At the end of the session, the benchmark index CASPI closed at 17,385 points with a loss of 261 points.
Of 230 issues traded, only 18 advanced, 196 declined and 16 were unchanged and the turnover stood at above BDT 263 million on the port city bourse.