Stocks Plunge Amid Investors’ Continued Sell-Offs

Stocks Plunge Amid Investors' Continued Sell-Offs

DHAKA, Bangladesh – Stocks continued to plummet as market players panic and push with the selloffs.

Shares recorded a sharp drop on Sunday as market players grow increasingly worried and continued with their selloffs on several select large-cap shares.

The prime index under the Dhaka Stock Exchange (DSE), DSEX, went to a sudden drop on Sunday. DSEX recorded a heaping 1.44%, going down by 64.20 points for the day to settle at its current 4,388 points. In the last four consecutive trading days, the DSEX has already recorded a massive loss of 2.62%, equating to about 118 points.

According to market operators, investors and market traders are struggling because of the increased volatility that is going on in the market as of late. The negative sentiment in the market was even worsened by the bill passed regarding depositing surplus money to the national exchequer from state agencies. The gloomy macroeconomic outlook hasn’t helped drive the market up either.

On Wednesday, a bill was passed in the parliament regarding the surplus money from 61 autonomous, and state-owned agencies brought to the national exchequer.

Meanwhile, the two other indices in the country edged lower. The bluechip index DS30 dropped by around 21.40 points to settle at 1,492 for the day. The DSE Shariah Index also went down by around 14.99 points, ending the session at 1,012 points.

Turnover, which is regarded as a crucial market indicator, also dropped on Sunday. It recorded its 15-session low after dropping around 3.72% from the turnover from the previous trading day at Tk 3.76 billion, bringing today’s turnover at only Tk 3.62 billion.

On the DSE, most shares dropped for the day, having a strong lead against the gainers. Out of the 256 shares traded for the day, 271 closed the session significantly lower, while only 43 issues traded higher. Meanwhile, 42 shares remained unchanged for the session.

In the day’s session, a total of 121,475 traded were recorded with a 133 million trading volume for stocks and mutual fund units.

DSE’s market cap also dropped lower from Tk 3,404 billion from yesterday’s trading session to its current Tk 3,363 billion. The top in the turnover chart was LafargeHolcim, with a Tk 211 million worth of traded shares. Bangladesh Shipping Corporation, Singer Bangladesh, ADN Telecom, and Indo-Bangla Pharma were also on the top in the turnover chart for the day.

The best performer, on the other hand, was Tosrifa Industries after recording 9.09% gains, while the top loser for the day was Delta Spinning Mills after an 8.0% loss.

Meanwhile, the Chittagong Stock Exchange also plummeted with losers beating the gainers for the day.