Dhaka stocks fall sharply after rebound

After gaining key index points one day after two weeks of slump, the Dhaka Stock Exchange (DSE), the country’s premier bourse, has again slipped into a downward trend, shedding 42 points in a day.

The key index stood at 4,952.79 points as trade turnover rose to Tk 4.53 billion on Monday, though most companies saw a dip in share prices.

After a two-week downward spiral, the bourse's benchmark index, DSEX, had risen by 22.85 points to close at 4,995.46 on Sunday.

On Monday morning, trading gradually edged up, as the key index climbed beyond 5,000 points.

The index went into correction due to selling pressure around 12pm as it began dropping points and ended up losing Sunday’s gains.

On Sunday, despite the modest rise, overall trading volume had fallen as turnover dropped to Tk 3.39 billion from Tk 3.67 billion on Thursday.

According to DSEX data, the banking, power and energy, and medicine and chemicals sectors contributed the most to Monday’s trade.

Of the 399 listed companies, share prices of 94 rose, 246 dropped while 59 traded at previous prices.

Based on closing prices, Khan Brothers PP Woven Bag, Midland Bank and ICB Providend MF-1 topped the list of gainers, while Pragati Life Insurance, Shahjibazar Power, and Union Capital were the biggest losers.