Stocks continue to decline amid escalating macroeconomic concerns
DSE turnover increased 3.4% to Tk702 crore
Stocks at both Dhaka and Chattogram bourses continued their downward momentum for the second consecutive day after the Eid vacation as investors kept selling their holdings against the backdrop of escalating macroeconomic concerns.
DSEX, the broad-based index of the Dhaka Stock Exchange (DSE), declined by 30.7 points or 0.48% to close at 6,325 on Wednesday.
"The market outlook is still bleak, in the absence of any major trigger," EBL Securities said in its daily market commentary.
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Out of the 386 issues traded, 77 advanced, 259 declined, and 50 remained unchanged on the premier bourse.
"Investors were cautious due to the prolonged pessimism on the stock market, as their concerns spiraled by the news that foreign currency reserves had dropped to a two-year low of under $40 billion," EBL Securities added.
As a result of the sell pressure, bourses observed a slight rise in participation, while turnover increased by 3.4% to Tk702 crore on the DSE.
Textile, engineering and non-bank financial institution sectors were the top turnover contributors.
Most sectors displayed dismal returns, out of which IT, ceramic, and textile suffered the biggest corrections of 1.6%, 1.4%, and 1.3%, respectively.
Jute, life insurance, and miscellaneous sectors, on the other hand, generated some small positive returns on Wednesday.
The port city bourse, Chittagong Stock Exchange (CSE), also settled in red terrain.
