Dhaka stocks plunged more than 59 points on Monday with the key index of premier bourse falling below 6000-mark after two months as investors went on selling spree.
Market insiders said significant downward movement of the large-cap sectors such as bank, financial institutions, power and food and allied caused the drop in index.
“Investors are taking fresh position in investment expecting better performance of the market in the upcoming quarter. Thus, investors’ exerted selling pressure on stocks from bank, financial institutions and pharmaceuticals and chemicals sectors”, said an analyst at a leading brokerage firm.
Today market started with positive vibe for a short period of time and but failed to stay in green zone and ended the day in red.
After half an hour of the trading session, stocks started falling and the down trending continued till end of the session with no sign of reversal, finally ended more than 59 points lower.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 59.25 points or 0.98 per cent to close at 5,982, the lowest level in nearly two months since August 30.
The two other indices -- the DS30 index and the DSE Shariah Index (DSES) – also followed the suit to close at 2,175 and 1,325 points, after losing 14.74 points and 7.43 points respectively.
Turnover, the important indicator of the market, also came down to Tk 5.23 billion, which was 3.68 per cent lower than the previous day’s turnover of Tk 5.43 billion.
BBS Cables emerged as turnover leader with exchanging shares of Tk 20 crore, followed by Aamra Networks, LankaBangla Finance and Grameenphone exchanging shares of Tk 18 crore each.
Chittagong Stock Exchange (CSE) also followed the same trend with its CASPI index losing 178 points to end at 18552.76
The total turnover of the port city bourse was Tk 55 crore.