Stocks tumble for sixth straight session

Stocks plunged on Sunday for the sixth consecutive session as investors feared an adverse impact of the new coronavirus variant on the already bearish market.

During six days, DSEX, the key index of the Dhaka Stock Exchange (DSE), lost 318 points and the total market capitalisation decreased by Tk19,292 crore.

On Sunday, the National Technical Advisory Committee (NTAC) on Covid-19 recommended banning travellers from countries where the new coronavirus variant, Omicron, has been detected.

Besides, Bangladeshi exporters are fearing a decline in exports if the situation worsens due to the new variant.

Experts said investors witnessed a bearish market in the last couple of weeks, and most of them remained on the sidelines due to a conflict between the Bangladesh Bank and the Bangladesh Securities and Exchange Commission (BSEC) over some issues. The new Covid-19 variant worries have made the situation even more complicated.

On Sunday, the DSEX lost 1.14% to settle at 6,773, and the blue-chip index DS30 fell 1.02% to 2,576.

Caspi, the benchmark index of the Chittagong Stock Exchange (CSE), also dropped 220 points to close at 19,838.

EBL Securities said in its daily market commentary, investors have generally stayed on the sidelines amid the ongoing pessimism in the market.

They have engaged in panic-driven sales throughout the week as the liquidity scenario in the money market is tightening, and the ongoing rise in inflation rate is expected to adversely impact macroeconomic indicators, the market commentary added.

Amidst sluggish trading on Sunday, turnover stood at Tk837 crore, a seven-month low, which was Tk849 crore in the previous session.

On the sectoral front, banking stocks contributed the highest to the day's turnover followed by textile, and miscellaneous stocks.

Most of the sectors faced price corrections, out of which paper, miscellaneous, and general insurance observed the most corrections.

Only travel and services bagged positive returns on the premier bourse on Sunday.

Out of the 372 securities traded, only 66 advanced, 291 declined, and 15 remained unchanged on the DSE trading floor.

Beximco Limited was the most traded stock with a turnover of Tk91 crore at the DSE, which was followed by One Bank, and IFIC Bank.

The newly listed company, Sena Kalyan Insurance, topped the gainers' table where its price increased 9.78% on Sunday at the DSE. The scrip was followed by Acme Pesticides, Aziz Pipes, and Awar Galvanising in the gainers' table.

On the other hand, the export-oriented textile firm, Tosrifa Industries, was the worst loser in the losers' table. The scrip was followed by Queen South Textile and Associated Oxygen Limited.