Market begins week with sharp losses

Stocks took a nosedive on Sunday with all the sectors witnessing price corrections.  

The prime index of the Dhaka Stock Exchange – DSEX – dropped 64 points or 1.4 percent to close the day at 4,389 points. 

DSES, the Shariah-based index, lost 15 points or 1.5 percent to stand at 1,012 points, while DS30, the blue-chip index, shed 21 points or 1.4 percent to settle at 1,492 points.

On the port city bourse, Caspi – the benchmark index – witnessed a loss of 131 points or 1 percent to close at 13,412 points. 

The market displayed a declining trend from the beginning of the trading session on Sunday, and continued this trend till the end. 

According to the Daily Market Review of EBL Securities Ltd, investors were disposing off their holdings mainly from fuel and power, banks and telecommunication sectors, which had resulted in the market fall today. 

Besides, substandard macroeconomic factors and obscure government moves in the money market have worsened the crisis, added the review. 

Turnover, one of the key indicators of the market, stood at Tk362 crore today, 3.9 percent down from Tk376.6 crore in the previous session.

Pharmaceutical stocks contributed the highest, 19.4 percent, to the total turnover value, followed by engineering stocks adding 15.4 percent, and textile stocks adding 13.8 percent.

All the sectors ended in the negative territory today, with cement exhibiting the highest price correction of 3.8 percent. 

Among the large-cap sectors, pharmaceuticals experienced 0.7 percent price correction, telecom stocks lost 1.1 percent and banks and financial stocks both lost 1.2 percent price on the sector return board.  

Lafarge Holcim Bangladesh Ltd continued to be the most traded stock with a turnover value of Tk21.1 crore, closing the day at Tk44.3 per share. The stock was followed by Bangladesh Shipping Corporation with a turnover value of Tk13.3 crore, closing at Tk45.5 per share. 

The Tosrifa Industries Ltd topped the gainers' table, advancing 9.1 percent, closing at Tk12 per share, while the Delta Spinners Ltd was the day's worst loser after shedding 8 percent and closing at Tk4.6 per share, said the DSE website.

Losers took a strong lead over the gainers as out of 356 issues traded, only 43 advanced, 271 declined, and 42 remained unchanged on the DSE trading floor.