Dhaka stocks fail to sustain early gains
BI Report || BusinessInsider
Photo: Representational
Dhaka stocks opened higher at the beginning on Tuesday and the main index, DSEX rose 44 points after one hour into the trade at 11 am. But the momentum soon diminished as the prices started to slide.
In the end, DSEX closed the day at 6211, decreasing by over 50 points or 0.8 percent.
Of the stocks traded, 282 or over 71 percent of companies saw their prices down, while only 14.7 percent of companies gained.
Beximco Limited, MI Hospital Requisite Manufacturing Limited and GSP Finance were the top traded stocks on the Dhaka Stock Exchange (DSE) on Tuesday. Walton, Sonali Paper and GrameenPhone were the top three index draggers.
With this fall the market returned to the negative territory after just a one-day rally as inflation and economic uncertainty continued to unnerve investors.
The country has been facing some economic challenges such as higher food and energy prices and depreciation of the local currency, which is fueling inflation further.
Earlier on Monday, DSE snapped an eight-day losing streak on the back of an announcement by the Bangladesh Securities and Exchange Commission (BSEC) to increase the margin loan ratio and the exposure limit of banks in the capital market.
Among other indices, the shariah-based DSES was down 9.7 points or 0.70 percent and the blue-chip DS-30 declined 14.69 points or 0.63 percent.