Dhaka stocks plunged on Thursday, last trading session of the week, because of panic selling amid intensified tension on the political front.
DSEX, the benchmark general index of Dhaka Stock Exchange, declined to 3,799.27 points, shedding 2.17 per cent or 84.59 points. The blue-chip index of the bourse, DS30, dropped by 2.31 per cent, or 32.20 points, to close at 1,361.04 points.
The DSEX and the DS30 had gained 119.98 points and 34.45 points respectively in the previous two trading sessions as investors had hoped for an improved political situation.
Market operators said investors were disheartened on Thursday as they saw no improvement in the political situation as the ruling alliance led by Awami League and the opposition alliance led by Bangladesh National Party remained stick to their respective positions over the polls-time government.
Investors were also apprehending political turmoil ahead of Friday’s rally of the BNP, they said.
‘Opposite stance taken by political parties throughout the country inked in investors’ psychology from the very beginning of today’s [Thursday] session,’ IDLC Investments said in its daily market commentary.
IDLC said, ‘Anticipation of potential turmoil created fear amid participants, which turned into panic sales and derailed market outlook.’
‘As a result, the bourse ended red and took a toll of 84.59 points. Meanwhile, shaky investor’s confidence fuelled in declining activity by 22.31 per cent from earlier session,’ it also said.
The turnover of the bourse declined to Tk 230.31 crore on Thursday from Tk 296.43 crore in the previous trading session.
Of the 283 shares and mutual funds changed hands on Thursday, 34 advanced, 225 declined and 24 remained unchanged.
Generation Next Fashions led the turnover leaders’ list with its shares worth Tk 19.50 crore changing hands.
Argon Denims, Envoy Textiles, Malek Spinning, Grameenphone, Bangladesh Submarine Cable Company, JMI Syringes and Medical Devices, Square Pharmaceuticals, UCBL and Delta Life Insurance were the other top turnover leaders.
Reckitt Benckiser gained the most on the day as its share price increased by 6.31 per cent while Desh Garments lost the most, shedding 9.93 per cent.
-With New Age input
