Dhaka stocks plunged for the third consecutive session on Wednesday, as panic driven investors continued offloading shares to protect their funds amid the ongoing economic uncertainty, market operators said.
DSEX, the key index of the Dhaka Stock Exchange, decreased by 58.22 points, or 1.04 per cent, to close at 5,527.39 points on the day after losing 81.14 points in the previous trading session.
Before Wednesday, the key index posted its lowest at 5,518.48 points on April 25.
Being wary of the current market momentum, investors decreased their activity on the market. The total turnover of the Dhaka bourse on the day decreased to Tk聽526.33, which is less by Tk 138.03 crore compared with that of the previous session.
The total turnover in the previous session was Tk 664.36 crore.
Many investors were reluctant to be actively involved in the market, which led the key index and the turnover to reach its lowest after April.
Before Tuesday, the lowest turnover on the Dhaka bourse was Tk 511.43 crore on April 25.
To discuss the current market outlook, the Dhaka bourse held a meeting with the DSE Brokers Association of Bangladesh on Wednesday.
In the meeting, DBA members highlighted the current problems of the capital market and urged the DSE to solve the problems on a priority basis.
A DBA official told 抖阴精品 that the DSE wanted a written proposal from the DBA in this regard.
Market operators said that the investors were reacting to rising economic worries in the country.
In the past 12 weeks, the market moved forward in only three weeks, including the past two weeks.
Market operators said that the Bangladesh Bank鈥檚 decision on increasing repo rates, which might lead to interest rate hikes on the money market, would not be helpful for the capital market, as investors might shift funds to banks.
The devaluation of the taka against the US dollar might add to the depressed state of the market, they added.
They also said that multiple other factors were working behind the bearish trend of stocks, such as lack of investor confidence amid economic woes in the country and global geopolitical tensions, liquidity crisis in banks and sudden change of policies.
Of the 395 issues traded on the day, 61 advanced, 301 declined and 33 remained unchanged.
The DSE Shariah index decreased by 12.79 points, or 1.04 per cent, to close at 1,212.96 points on Wednesday.
The DS30 index lost 14.14 points, or 0.70 per cent, to finish at 1,977.78 points.
On the sectoral front, pharmaceutical issues exerted the highest turnover, followed by textile and food stocks.
EBL Securities in its daily commentary said, 鈥楾he relentless bearish spell has been prolonged for continuous sessions with the majority of scrips extending their correction mode owing to the enduring pessimism pervading the trading floor amid concerns over the market outlook.鈥�
Alif Industries topped the turnover chart on the day with its shares worth Tk聽19.21 crore changing hands.
eGeneration, Orion Infusion, Navana Pharmaceuticals, Best Holdings, Malek Spinning Mills, Kohinoor Chemicals Company (Bangladesh), Paramount Insurance Company, Pragati Life Insurance and Sea Pearl Beach Resort and Spa were the other turnover leaders.
