Stocks plunge amid concerns over economic impact of unrest
During the session, 117 scrips advanced, while 192 declined and 70 remained unchanged.
Both stock exchanges in the country opened the week lower as investor sentiment remained subdued due to rising concerns over the economic impact of the ongoing unrest.
Investor panic was further fuelled by the potential for a cyberattack, which intensified when the websites of both the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) were taken offline early Friday morning. However, the websites were brought back online by Saturday night, according to top officials from several brokerage firms.
On Sunday, DSE's benchmark index DSEX plunged 29 points to close at 5,383, while the blue-chip index DS30 dropped 11 points to end at 1,921.
The market capitalization at the country's premier bourse fell by around Tk1,000 crore to settle at Tk6.56 lakh crore.
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The CSE also settled in red territory, with its key index CASPI falling 28 points to close at 15,386, and the general index CSCX ending 16 points down at 9,268.
The turnover at the DSE rose 2% to Tk488 crore, while the CSE witnessed a 320% jump in turnover to Tk14.87 crore.
EBL Securities said in its daily market commentary that the capital bourse of the country started the week on a dismal note, extending the downbeat vibe as dominant selloffs remained prevalent across the market since overall investor sentiment remains subdued due to concerns surrounding the economic impact of the prevailing unrest.
The market pulse remained downbeat, with the majority of scrips sliding into red territory as cautious investors still shy away from taking positions in equities amidst uncertainties regarding the market's outlook, it added.
The EBL Securities further said, however, that particular large-cap stocks from the banking and telecom sectors witnessed price appreciation that somewhat provided a cushion against the plunge of the benchmark index.
During the stipulated five working days of the last week, investors could take part in trading shares for only two days, as the remaining sessions were closed due to the unexpected general holidays due to the imposing curfew.
In the first trading session of the last week, which took place on Wednesday, the DSEX dropped 93 points but later recovered 63 points in the session the next day.
Due to the internet blackout, the trading schedule was set from 11am to 2pm instead of the usual 10am to 2:30pm. On Saturday, the trading time was reset from 10am to 2pm for the next three days, following government instructions.
Meanwhile, on Sunday, the banking sector dominated the turnover chart, accounting for 18.3% of the total turnover, followed by pharma with 15.6% and textiles with 9.1% at the DSE.
Most sectors posted negative performances. Travel and leisure posted a loss of 2.5%, followed by services at 1.9%, and non-bank financial institutions at 1.9%. However, investors saw positive returns from the telecom, banking, and miscellaneous sectors, which gained 1.2%, 0.7%, and 0.3%, respectively.
Agni Systems was the top-traded stock with a turnover of Tk28.71 crore at the DSE, followed by NRB Bank and Far East Knitting.
The newly listed Techno Drugs topped the gainers' table as its share price jumped 9.92%, followed by Prime Finance First Mutual Fund, One Bank, and Khan Brothers PP Woven.
Shurwid Industries performed the worst on the day as its share price dropped 3%, followed by eGeneration, Libra Infusion, and Nahee Aluminum.
