The Dhaka stock market extended its bloodbath on Sunday with the benchmark index posting its steepest single-day fall in six years as escalating conflict in the Middle East deepened investor pessimism.
The DSEX, the broad index of the Dhaka Stock Exchange (DSE), plunged 231.8 points or 4.42 per cent to close at 5,009, down from 5,241 in the previous session, wiping out nearly two months of recovery. The index has now fallen by more than 10 per cent so far in March.
A relentless bearish spell gripped the market from the opening of the week’s first trading session as panic-stricken investors rushed to dump shares to minimise further losses in already weakened portfolios.
Selling pressure persisted throughout the session with widespread price corrections across most listed securities, leaving market sentiment highly uncertain.
Market turnover rose by 15.8 per cent to Tk530 crore from Tk460 crore in the previous session.
The banking sector accounted for the largest share of turnover with 23.1 per cent, followed by pharmaceuticals with 17.1 per cent and textiles with 8.8 per cent.
All sectors posted negative returns, with jute and banking both declining 6.2 per cent and travel and leisure falling 5.5 per cent.
Of the 397 issues traded on the DSE, only 10 advanced while 364 declined and 23 remained unchanged.
The Chattogram Stock Exchange (CSE) also ended in negative territory, with the CSE Selective Categories Index (CSCX) falling 255.3 points and the All Share Price Index (CASPI) dropping 419.9 points.
“The bloodbath continues across the capital bourse with no signs of respite for investors amid prevailing pessimism surrounding the escalating Middle East conflicts, pushing the benchmark index to record its highest single-day decline in six years,” EBL Securities said in its post-closing market commentary.
“The market failed to earn any breather as the session progressed with widespread price corrections across most scrips, leaving the overall market sentiment in a state of persistent uncertainty,” it added.
