Stock market on Monday faced a steep fall due to mounting sell pressure in small and large-cap securities, taking the broader indices at the country’s twine stock exchanges to several months low.
Investors, however, were not much active in buying despite the sell pressure, capping the daily trade at low level, reports BSS.
The broader DSEX index of Dhaka Stock Exchange (DSE) lost over 53 points or 1.22 percent to come down to 11 months low at 4302.57, with blue-chip DS30 and Shariah DSES following it to finish the day at 1630.82 and 1044.96 respectively.
CSCX, the major index of Chittagong Stock Exchange (CSE), lost nearly 81 points to finish the day at 8057.77.
Lanka Bangla Securities Limited attributed the fall to the depressed investors who were trying to safeguard their position by selling shares.
IDLC Investment Limited said that the sell pressure in small and large-cap triggered the sharp fall.
Despite the very negative trend, which the market saw for the fifth consecutive day on Monday, the trade value improved slightly compared to the previous session.
The trade value at DSE rose by 7.12 percent to Taka 297.92 crore, but the volume fell marginally to 9.37 crore shares owing to weak demand.
On CSE, a total of 76.13 lakh shares worth Taka 19.60 crore changed hands on the day when the market saw share prices falling across the board. Out of the traded 234 securities on CSE, only 41 closed higher against 159 losing issues.
Similarly, only 53 issues ended higher on DSE while 229 scrips suffered loss among 319 traded securities. The large-scaled price fall caused decline in market capitalisation of all major sectors, including engineering (-1.98 percent), ceramic (1.67 percent), fuel and power (1.51 percent), banking (1.37 percent) and cement (1.15 percent).
Amid the wholesale price fall, Libra Infusion, Eastern Lubricant, FBFIF, Gemini Sea Food and NTC were the day’s major advancing companies with moderate gains. The major losers were Emerald Oil, AFC Agro, People Insurance, DBH and Dulamia Cotton. Emerald Oil topped the turnover leaders followed by DSSL, Keya Cosmetic, AFC Agro and BSRM Limited.