DSEX plunges 120 points on panic sale
Stocks tumbled on Monday with the key index of Dhaka Stock Exchange (DSEX) plunged more than 120 points amid panic selling.
The market opened sharply lower and the DSEX, the benchmark of the Dhaka Stock Exchange (DSE), plunged 120.41 points or 1.71 per cent to settle at two months lowest at 6885.
Two other indices also ended lower. The DS30 index, comprising blue chips, dropped 53.76 points to finish at 2,644 and the DSE Shariah Index (DSES) fell sharply by 22.18 points to close at 1,487.
Turnover, another important indicator of the market, stood at Tk 14.70 billion on the country’s premier bourse, almost the same over the previous day.
Market analysts said the market fell further amid remarkable selling pressure from the beginning of the session, creating panic among investors.
The year-end dividend and quarter-end earnings declarations may have failed to meet the investors’ expectations which prompted them for selling of shares.
Losers took a strong lead over the gainers as out of 376 issues traded, 307 closed lower, 47 higher and 22 remained unchanged on the DSE trading floor.
Delta Life Insurance topped the turnover chart with shares worth Tk 1.55 billion changing hands.
The Chittagong Stock Exchange (CSE) also ended lower with the CSE All Share Price Index – CASPI –plunging by 400 points to settle at 20,169 and the Selective Categories Index – CSCX – shedding 237 points to close at 12,123.
Of the issues traded, 246 declined, 37 advanced and 11 remained unchanged on the CSE trading floor.
The port city’s bourse traded 16.36 million shares and mutual fund units with a turnover value of nearly Tk 606 million.