DSE Stocks witnessed a sharp decline on Sunday, the opening day of the week, as investors are selling shares amid ongoing year-end earnings and dividends declarations.
197 Stocks faced no buyer only seller; driven by 2% circuit breaker effect.
Following the previous week’s modest rise, DSEX, the prime index of the Dhaka Stock Exchange (DSE), slid 44.46 points or 0.65% to stand at 6,721, after the first hour of trading at 11:00 am. Finally, DSEX slid 67.55 points or 1.00% to stand at 6,698 points after the post-closing at 2:45 pm.
Two other indices also opened lower with the DS30 index, comprising blue chips, losing 23.51 points to reach 2,434 and the Shariah Index (DSES) shed 13.01 points to stand at 1,441.
Turnover, another important indicator of the market, stood at Tk 2.32 billion within the first hour of trading and Tk 6.16 billion by the time it closed transactions.
The opening hour was also affected by the rumour that the 2% circuit breaker security law will be abolished within somedays. But BSEC Chairman Professor Shibli Rubayat Ul Islam confirmed that Commission didn’t take any decision regarding the reversal of the circuit breaker.
Market analysts said the index and turnover dropped as the risk-averse investors opted for booking profit on sector-wise stocks.
He noted that some investors also favoured staying on the sidelines as concerns loomed due to rising inflation and global price instabilities amid ongoing Russia-Ukraine conflicts.
Of the issues traded, 339 declined, 23 advanced, and 17 issues remained unchanged on the DSE trading floor on 20th March 2022.
Beximco was the most traded stock with shares worth Tk 535.4 million changing hands, closely followed by Dragon Sweater, Orion Pharma, IFIC Bank, BSC and Peoples Insurance.