Stocks plunge on first day after Eid break
DSE key index sinks below 5800-mark again
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The stock market witnessed a big fall on Monday, the first trading day after Eid break, with the key index sinking below 5,800-mark once again, as investors went for panic sell-offs to avoid further losses.
The bourses remained closed for five days, from April 10 to April 14, on the occasion of the Eid-ul-Fitr and Pohela Boishakh, including weekly holidays.
The market opened on sharply lower which continued until end of the session with no sign of reversal amid persistently lackluster trade.
The participation of investors was very thin on the trading floor as most of the investors are yet to return to Dhaka after celebrating Eid festival in their village homes.
Price erosion of BAT Bangladesh, Walton, United Power, Robi, Grameenphone and Beacon Pharma have largely contributed to Monday’s market fall as they jointly accounted for 25 points index fall.
Substantial price erosion of large-cap stocks dragged the key index of the Dhaka Stock Exchange (DSE) more than 85 points or 1.45 per cent down to settle at 5,778, after remaining almost flat before Eid holiday.
The market pulse shifted to correction mode again after a recent short-lived optimism due to waning investor confidence, market experts said.
The DSES Index, which represents Shariah-based companies, also shed 16 points to 1,266 while the blue chip index DS30, a group of 30 prominent companies, lost 17 points to 2,015.
More than 85 per cent traded shares saw price decline, as out of 395 issues traded, 336 declined, 32 advanced and 27 remained unchanged on the DSE trading floor.
Low-performing stocks dominated the turnover chart with Fu-Wang Ceramic becoming the most traded stock, with shares worth Tk 142 million changing hands, followed by Malek Spinning Mills, Karnaphuli Insurance, Lovello ice-Cream and Shinepukur Ceramic.
The Chittagong Stock Exchange plunged with its All Shares Price Index (CASPI) shedding 198 points to 16,534 and the Selective Categories Index (CSCX) losing 119 points to 9,940.