Dhaka stocks nosedived on Sunday, first trading session after a nine-day vacation on the occasions of Eid-ul-Azha and Durga Puja, with the key index and turnover hitting their lowest in more than five months as investors refrained from trading amid fears of escalation of political confrontations in the coming days. DSEX, the benchmark general index of Dhaka Stock Exchange, lost 1.83 per cent, or 71.87 points, to close at 3,771.68 points, lowest since May 28 when the index was at 3,757.99 points.
Turnover of the bourse dropped to Tk 110.43 crore on Sunday, lowest since May 6 when the turnover was Tk 107.91crore. On October 10, the last trading session before the vacation, the turnover was Tk 219.49 crore.
Market operators said investors refrained from trading on the day as they feared that political unrest would intensify as the opposition political alliance led by Bangladesh Nationalist Party and the ruling alliance led by Awami League remained stick to their respective positions over the polls-time government.
A stockbroker said the Dhaka Metropolitan Police’s ban on political gathering added fuel to the investors’ fear.
The DMP on Saturday slapped a ban for an indefinite period on all forms of political rally, procession and human chain in the capital from Sunday morning.
The DMP ordered the ban amid high tension in the political arena after both Awami League and Bangladesh Nationalist Party announced rallies in the capital for October 25.
DS30, the blue-chip index of the bourse, declined by 2.08 per cent, or 28.92 points, to close at 1,359.02 points on Sunday.
‘The entire nation remains cautious and tensed about political situation in the coming months and so do the stock market investors. The investors’
stance affected today’s trading,’ said another stockbroker.
Usually the market remains dull just after Eid vacation as people spend huge amount of money on the occasion and they have little to invest, he also said.
Of the 278 issues traded on Sunday, 28 advanced, 229 declined and 21 remained unchanged.
Among the major sectors, non-bank financial institutions sector was the worst loser by shedding 2.48 per cent, followed by pharmaceuticals that lost 1.89 per cent.
Telecommunication declined by 1.79 per cent, power by 1.70 per cent and banks declined by 0.16 per cent.
Newly-listed Bangladesh Building Systems topped the turnover leaders’ list on the day with its shares worth Tk 6.84 crore changing hands.
The other turnover leaders were Argon Denim, BSCCL, JMI Syringe, Square Pharmaceuticals, Envoy Textile, Generation Next Fashion, CMC Kamal, Grameenphone and Orion Pharma.
-With New Age input
