DSEX nosedives again after 3 green sessions
DSE turnover declined by 26.22% and stood at Tk1,111 crore
Dhaka and Chattogram stocks nosedived again on Sunday, following the previous three positive sessions.
The DSEX, the broad-based index of the Dhaka Stock Exchange (DSE), fell 0.94% to 6,930 on the first day of the week, continuing its fall over the entire session.
According to analysts, the failure of some companies to post expected earnings made the investors pessimistic.
Also, profit booking amid a shaky market direction intensified the selling pressure.
The DSEX lost 66 points on Sunday after gaining 196 points in the previous three sessions.
Beximco, one of the large-cap stocks, exacerbated market correction as the stock observed price correction despite declaring a substantial upsurge in earnings.
Moreover, many investors remained on the sidelines amid the prevailing volatility. Overall, the participation on the bourse decreased while the total turnover in the DSE declined by 26.22% and stood at Tk1,111 crore.
Miscellaneous, bank, and pharmaceutical sectors each contributed the maximum of nearly 15% of the daily turnover.
No sector other than tannery, IT, and bank withstood the selling pressure and suffered a contraction in their market capitalisation.
Poorer than expected quarterly earnings dragged down the cement, travel, and ceramic sectors' market capitalisation the most.
The Chittagong Stock Exchange (CSE) also closed in the red on Sunday.
