Coronavirus impact: DSEX hits newer lows, sheds 4.96%

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DSEX fell to its new low by losing 196 points to close at 3,772.6 points

The key index of Dhaka Stock Exchange (DSE), DSEX, keeps tumbling for three straight sessions amid increasing concern over the impacts of coronavirus pandemic.

The DSEX fell to its new low by losing 196.8 points or 4.96%, to close at 3,772.6 points on Monday. The index sank below the 3,800-mark, lowest in six and a half years since October 21, 2013.

Market insiders and experts talking to Dhaka Tribune said investors dumped their holdings amid growing concern over the impacts of coronavirus pandemic as three more cases of COVID-19 were confirmed in the country on Monday.

“Indices of the Dhaka bourse suffered another free-fall as nervous investors continued their sell-off amidst growing concern over the impact of coronavirus outbreak which caused further disruption in companies and the world economy” said EBL Securities Limited in its daily market commentary.

Investors’ participation was vibrant on the trading floor while turnover, a leading indicator of the stock market, surged and ended at Tk406 crore, which is 8.8% higher than the last session.

DSE Shariah based index DSES declined 5.65% to end at 874.1 points, while blue-chip index, DS30 went down by 5.12% to close at 1,265.1 points.

The pharmaceuticals sector contributed 23.9% of the total turnover while engineering, textile and banking sectors contributed 11.9%, 9.7% and 8.1% respectively, showed the daily market analysis of UCB Capital Management Limited.

Square Pharmaceuticals secured the leadership position on the top turnover chart with a turnover of Tk24.7 crore with its share price closing at Tk164.2 per share. FAS Finance & Investment Ltd secured the highest gain of 7.9% during the session. IPDC Finance Ltd turned out to be the worst loser with its price declining by14.1%. 

DSE currently has a market capitalization of Tk298,893 crore with the benchmark index, DSEX, down by 15.28% since the beginning of the year.  

The port city’s bourse, Chittagong Stock Exchange (CSE), also registered loss at the end of the session. The all Share Price Index, CASPI, declined by 577.4 points.

Among the traded issues, 10 gained, 333 declined and 12 remained unchanged during the session in Dhaka Stock Exchange while 25 gained, 235 declined and 11 remained unchanged in CSE.

Taking to Dhaka Tribune, a stock market analyst said the global outbreak of COVID-19 delayed RMG export shipments which was inflicting a huge amount of losses and might create a shortage of working capital in the sector. 

Former Chairman of Bangladesh Securities and Exchange Commission (BSEC) Faruq Ahmed Siddique told Dhaka Tribune, “Investors are panicked owing to the recent fall. So, many of them sold off their shares”.

Meanwhile, Bangladesh Pujibazar Biniogkari Oikya Parishad on Sunday demanded closure of the stock market for the next two weeks. 

e impacts of the coronavirus pandemic.

DSEX fell to its new low by losing 196 points or 4.96%, to close at 3,772.6 points while CASPI of Chittagong Stock Exchange (CSE) declined 4.75% to close at 11,576.5 points.

DSE Shariah based index DSES declined 5.65% to end at 874.1 points, while blue-chip index, DS30 went down by 5.12% to close at 1,265.1 points.

Among the traded issues 10 gained, 333 declined, and 12 remained unchanged during the session in Dhaka Stock Exchange while 25 gained, 235 declined, and 11 remained unchanged in CSE.

Market insiders and experts talking to Dhaka Tribune said investors dumped their holdings amid growing concern over the impacts of coronavirus pandemic as three more cases of COVID-19 were confirmed in the country on Monday.

The pharmaceuticals sector contributed 23.9% of the total turnover while engineering, textile, and banking sectors contributed 11.9%, 9.7%, and 8.1% respectively, showed the daily market analysis of UCB Capital Management Limited.