Shares tumble for sixth consecutive session

Shares plunged for the sixth consecutive session on Sunday, with investors fearing a negative impact of the new variant of the coronavirus on the already bearish market.

For six days, the DSEX, the key index of the Dhaka Stock Exchange (DSE), lost 318 points and the total market cap fell by Tk 19,292 crore.

On Sunday, the National Technical Advisory Committee (NTAC) on Covid-19 recommended banning travelers from countries where the new variant of the coronavirus, Omicron, has been detected.

Meanwhile, Bangladeshi exporters fear a drop in exports if the situation worsens due to the new variant.

Experts said investors have witnessed a bear market in the past two weeks and most have been left on the sidelines due to a dispute between Bangladesh Bank and Bangladesh Securities and Exchange Commission (BSEC) on certain problems. Concerns over the new variant of Covid-19 made the situation even more complicated.

On Sunday, the DSEX fell 1.14% to 6,773, and the blue chip DS30 fell 1.02% to 2,576.

Caspi, the benchmark of the Chittagong Stock Exchange (CSE), also lost 220 points to close at 19,838.

EBL Securities said in its daily market commentary that investors have generally stayed on the sidelines amid the lingering pessimism in the market.

They embarked on panic selling throughout the week as the scenario of liquidity in the money market tightens and the continued rise in the inflation rate is expected to negatively impact macroeconomic indicators, added the market commentary.

Amid sluggish trading on Sunday, revenue stood at Tk 837 crore, a seven-month low, which was Tk 849 crore in the previous session.

From a sector perspective, banking stocks contributed the most to the day’s turnover, followed by textiles and miscellaneous stocks.

Most sectors faced price corrections, of which Paper, Miscellaneous and General Insurance saw the most corrections.

Only travel and services posted positive returns on the First Stock Exchange on Sunday.

Of the 372 securities traded, only 66 rose, 291 fell and 15 remained unchanged on the DSE trading floor.

Beximco Limited was the most traded share with a turnover of Tk 91 crore at DSE, followed by One Bank and IFIC Bank.

Newly listed company Sena Kalyan Insurance topped the list of winners where its price rose 9.78% on Sunday at the DSE. The script was followed by Acme Pesticides, Aziz Pipes and Awar Galvanizing in the winners table.

In contrast, the export-oriented textile company, Tosrifa Industries, was the worst loser in the losers table. The script was followed by Queen South Textile and Associated Oxygen Limited.

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