Market dips below all the recent lows

Stocks are in a continuous downtrend, pushing the major indices below all the recent lows at Tuesday's close.

The DSEX, Dhaka Stock Exchange's (DSE) broad index, lost over 52 points or 1.11 percent to close at 4,708. The index on October 14 closed at 4,711 which was a 35-month low.

Following the previous day's trend, at the beginning of early trading on Tuesday, investors rushed to put their sell orders as a part of risk reduction strategy, floor traders said.

The index nosedived below 4,700 level at the first trading hour and later went through a consolidation phase. But ultimately it barely recovered and closed below the recent lows.

Analyst blamed the sharp fall on the ongoing sell-off in almost all types of stocks. Large-cap stocks like Brac Bank, British American Tobacco Bangladesh, Berger Paints contributed more to the fall in indices, though.

At the DSE, only 30 scrips gained while 292 lost and price of 30 remained unchanged.

Blue chip index DS30 was down 0.87 percent while the Shariah index DSES fell 0.79 percent.

Investors' increasing caution in the bearish market decreased the turnover at both the stock exchanges of the country. At the DSE, total trade volume on Tuesday was Tk288 crore, which was over Tk350 crore the previous day.

At the Chittagong Stock Exchange trade volume was halved to Tk10.66 crore on Tuesday.

The CSCX, port city bourse's broad index, fell 1.1 percent and closed at 8,708. Against gain of 26 scrips at Chattogram, 193 lost price and 21 remained unchanged.

Jute, telecommunication, fuel distribution, fuel refinery and power generation stocks had some gain over the day. Textile, chemicals, tannery sectors suffered the largest losses, on the other hand.