Stocks plunge further

 

Stocks plunge further amid political volatility 

The country's capital market extended its losing streak yesterday as selling pressure persisted, dragging the DSEX down by 38.7 points to close at 4,746 — a new low amid the ongoing economic uncertainty and political volatility.

Most listed stocks saw price erosion, with investors remaining cautious amid ongoing market volatility.

Turnover — one of the key indicators of market activity — on the Dhaka Stock Exchange (DSE) rose slightly by 10% to Tk278 crore, after hitting a ten-month low last Thursday.

Of the traded stocks today, 271 scrips saw price decline, 74 advanced and 52 remained unchanged, according to DSE data. 

The DSES, the Shariah index, declined by 9.66 points to 1,037, while the DS30, the blue-chip index, dropped by 23.80 points to settle at 1,753.

EBL securities in its daily market commentary said that the bearish sentiment in the country's capital market deepens further amid no clear signs of respite for investors from the prolonged market downturn, with the benchmark index slipping to a new low on Saturday in recent sessions. 

"Although indices showed a brief positive vibe in the early session, the market ultimately succumbed to its prevailing downtrend since most investors remained wary of the market's outlook and preferred to remain on the sidelines as lingering pessimism and uncertainties continued to pervade the trading board," it said.

Meanwhile, trading activities remained stagnant with total turnover in DSE being low at Tk278 crore, said EBL Securities.