Business Desk :
Stocks continued to bleed for the two straight sessions on Monday as investors kept their panic sell-offs to avoid further losses.
After losing roughly 143 points in the previous day, the market saw volatility in the first half of the day’s session but the market fell sharply in the late hours amid persistently lackluster trade.
DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), went down by 128.32 points or 2.33 per cent to settle at 5,376, which is more than five-week lowest since December 29, 2020.
The Bangladesh Bank on Sunday imposed a 30 per cent ceiling on banks’ dividend issuance to strengthen the entities’ capital base, making compliance with the rules mandatory from the year ended on December 31, 2020.
Bangladesh also rolled out the nationwide Covid-19 vaccination drive on Sunday, but there is no positive impact in the stock market.
Two other indices also saw massive corrections. The DSE 30 Index blue chips plunged 67.64 points to finish at 2,023 and the DSE Shariah Index (DSES) slumped 20.69 points to close at 1,214.
Market-cap of the DSE wiped out Tk 107 billion on Monday to Tk 4,583 billion, down from Tk 4,690 billion in the previous day.
Market analysts said the panicky investors continued to dump their holdings after noticing that some heavyweight issues, including mutational companies kept falling in the past few trading days.
“Investors dumped shares of Beximco Group, pharmaceuticals, engineering and telecom issues, putting pressure on the indices amid sluggish trading”.
Business conglomerate Beximco group largely contributed to the fall of indices further, said the analyst.
Heavyweight drug maker Beximco Pharmaceuticals share price crashed more than 9.0 per cent, Beximco more than 8.0 per cent and Shinepukur Ceramics 9.42 per cent. They are among top ten losers.
Stocks continued to bleed for the two straight sessions on Monday as investors kept their panic sell-offs to avoid further losses.
After losing roughly 143 points in the previous day, the market saw volatility in the first half of the day’s session but the market fell sharply in the late hours amid persistently lackluster trade.
DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), went down by 128.32 points or 2.33 per cent to settle at 5,376, which is more than five-week lowest since December 29, 2020.
The Bangladesh Bank on Sunday imposed a 30 per cent ceiling on banks’ dividend issuance to strengthen the entities’ capital base, making compliance with the rules mandatory from the year ended on December 31, 2020.
Bangladesh also rolled out the nationwide Covid-19 vaccination drive on Sunday, but there is no positive impact in the stock market.
Two other indices also saw massive corrections. The DSE 30 Index blue chips plunged 67.64 points to finish at 2,023 and the DSE Shariah Index (DSES) slumped 20.69 points to close at 1,214.
Market-cap of the DSE wiped out Tk 107 billion on Monday to Tk 4,583 billion, down from Tk 4,690 billion in the previous day.
Market analysts said the panicky investors continued to dump their holdings after noticing that some heavyweight issues, including mutational companies kept falling in the past few trading days.
“Investors dumped shares of Beximco Group, pharmaceuticals, engineering and telecom issues, putting pressure on the indices amid sluggish trading”.
Business conglomerate Beximco group largely contributed to the fall of indices further, said the analyst.
Heavyweight drug maker Beximco Pharmaceuticals share price crashed more than 9.0 per cent, Beximco more than 8.0 per cent and Shinepukur Ceramics 9.42 per cent. They are among top ten losers.
