Stocks plummet on panic sale, DGEN fall below 5000 after 26 sessions
Dhaka, May 9 (UNB) - Panic sale Wednesday pulled down the stocks further at both the bourses - Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE).
The DSE benchmark index, DGEN dropped below 5,000 points after 26 trading sessions, losing 168.69 points or 3.33% to close at 4,901.61 today without any major change in turnover from the previous day. The DGEN lost 98.62 points or 1.91 percent on Tuesday.
Similarly, the CSE key index, CSCX shed 331.73 points to close at 9269.28 today (Wednesday).
“Fear gripped the market resulting in panic sale throughout the day’s session without any reversal,” IDLC Investments Limited said in its daily market commentary.
It said as the deadline to comply with the Securities and Exchange Commission (SEC) circular on minimum share holding by the directors/sponsors is coming nearer, investors appeared worried about the outcome of writ petitions filed by few directors/sponsors of listed companies though the High Court (HC) has not given any stay order on SEC’s circular.
The stock market regulator made it compulsory on November 22 last year for sponsors, directors and promoters of listed companies to individually hold at least 2 percent stake in their own companies.
During today’s downward movement, all the major sectors at the DSE plummeted with ceramic (-6.05%), non-bank financial institution (-5.18%) and general insurance (-4.50%) being the most affected sectors.
The DSE turnover on Wednesday stood at Tk 383 crore against Tk 378 crore recorded on Tuesday and Tk 356 crore on Monday.
However, average turnover of the first four trading days of the current month declined by 48.83 percent compared to that of April.
Of the issues traded at the DSE today, only 13 advanced, 245 declined and 8 remained unchanged.
Meanwhile, at the CSE, 9 issues gained, 171 suffered losses and 6 remained unchanged. The CSE turnover was Tk 49.20 crore today (Wednesday).
The DSE benchmark index, DGEN dropped below 5,000 points after 26 trading sessions, losing 168.69 points or 3.33% to close at 4,901.61 today without any major change in turnover from the previous day. The DGEN lost 98.62 points or 1.91 percent on Tuesday.
Similarly, the CSE key index, CSCX shed 331.73 points to close at 9269.28 today (Wednesday).
“Fear gripped the market resulting in panic sale throughout the day’s session without any reversal,” IDLC Investments Limited said in its daily market commentary.
It said as the deadline to comply with the Securities and Exchange Commission (SEC) circular on minimum share holding by the directors/sponsors is coming nearer, investors appeared worried about the outcome of writ petitions filed by few directors/sponsors of listed companies though the High Court (HC) has not given any stay order on SEC’s circular.
The stock market regulator made it compulsory on November 22 last year for sponsors, directors and promoters of listed companies to individually hold at least 2 percent stake in their own companies.
During today’s downward movement, all the major sectors at the DSE plummeted with ceramic (-6.05%), non-bank financial institution (-5.18%) and general insurance (-4.50%) being the most affected sectors.
The DSE turnover on Wednesday stood at Tk 383 crore against Tk 378 crore recorded on Tuesday and Tk 356 crore on Monday.
However, average turnover of the first four trading days of the current month declined by 48.83 percent compared to that of April.
Of the issues traded at the DSE today, only 13 advanced, 245 declined and 8 remained unchanged.
Meanwhile, at the CSE, 9 issues gained, 171 suffered losses and 6 remained unchanged. The CSE turnover was Tk 49.20 crore today (Wednesday).
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