The benchmark index DSEX of the Dhaka Stock Replace (DSE) dropped 3.13% closing week, following stringent regulatory actions in opposition to market manipulators and non-compliant companies.
The regulatory actions sparked a prime promote-off, intensifying the provocative decline. For the interval of the 5 trading sessions closing week, the DSEX tumbled on four days, with gains recorded on right one. As a results of this downturn, the market capitalisation shrank by Tk13,500 crore.
Closing week, the DSEX lost 176 aspects to shut at 5,462, whereas the blue-chip index DS30 declined by 74 aspects to opt at 1,990.
Patrons’ participation available within the market moreover fell by 37% to Tk426 crore in comparison to the earlier week.
Amongst the traded stocks, 57 superior, 331 declined and 8 remained unchanged.
EBL Securities talked about in its weekly market review that the capital market of the nation logged indecent hurdles closing week, with traders bearing the brunt of intense bearish sentiment all over the trading floor precipitated by the abrupt regulatory measures and policy modifications coupled with rising interest rates within the money market.
The market experienced a huge promoting spree as surprised traders most popular to tidy their equity exposures to manual faraway from extra losses amid unsure market momentum, compelling the benchmark index to decrease by 132 aspects in a single session, the sharpest tumble in 30 months, it added.
However, reduce rate hunters emerged to take hold of positions on clear beaten-down scrips within the closing trading sessions of the week, offering a cushion to the market’s free tumble, learn the EBL Securities document.
Following the gigantic downfall, hundreds of retail traders who had blocked the Motijheel roads on Wednesday marched to the Bangladesh Securities and Replace Rate (BSEC) building in Agargaon round noon, stressful the resignation of the novel BSEC chairman, Khondoker Rashed Maqsood, for his “investor-substandard regulatory stances.”
They rejected the regulator’s demand dialogues and locked the major gate of the BSEC building Thursday.
Police assuring them of a meeting with the finance adviser of the interval in-between authorities on Sunday managed to free the BSEC officers.
Maqsood was as soon as appointed as the BSEC chairman on 18 August and he launched no repetition of irregularities within the stock market promising magnificent governance and reforms.
However, sending 27-28 deserving companies to the Z class at the stop of closing month added to the marketing force, whereas a document gorgeous imposed on nine manipulators of Beximco shares shook market makers within the concluded week.
In the intervening time, traders had been largely filled with life within the bank sector, adopted by the pharma sector, and the gas-energy sector.
Sectors ended in crimson with the paper sector being the biggest loser.
Junk stock Bangladesh Industrial Finance Firm (BIFC) led the gainers’ desk closing week, with its portion label soaring over 32%. In distinction, Linde Bangladesh emerged as the worst performer of the week.
