Stocks go into shock
The market is facing some sell pressure right now and the indices are in minor intraday corrections
Dhaka stocks today continued to drop following the recent trend of hitting a new low of five years amid the pandemic row.
The prime index of the Dhaka Stock Exchange (DSEX) plummeted 4.46 percent or 168.60 points by the end of the session to settle at 3603.95 points.
A total of 178,489,349 shares and mutual funds of 356 companies were traded, of which only 13 issues advanced while 333 declined and 10 issues remained unchanged.
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Turnover, one of the major indicators of the market, on Dhaka Stock Exchange trading floor today was Tk429 crore by the end at 2:30pm.
The prime index of the Dhaka Stock Exchange (DSEX) jumped 100 points within five minutes of trading today on banks' promise to build position in stocks for five years but took a downward shift shortly.
Banks will not buy stocks too suddenly that might trigger an abnormal rise in price and volume, Bangladesh Association of Banks (BAB) leaders declared after a meeting with finance minister and securities regulator on Monday.
The gradual increase of stock investment will help the market gain a sustainable support, they hoped.
However, the market is facing some sell pressure right now and the indices are in minor intraday corrections.
On the other hand, the port city bourse, Chittagong Stock Exchange (CSE) fell down from today's peak at 11689.45 to 11092.74 points as the session closed.
Out of total 248 companies traded today on CSE trading floor, 19 issues advanced while 222 declined and 7 issues remained unchanged.
Market turnover of Chittagong Stock Exchange settled at Tk15.60 crore.
Global economy is bracing a recession, fears top Investment Banks of Wall Street.
And investors in Bangladesh are nervous about local conditions in terms of coronavirus outbreak.
