Written by The Banking Post
Dhaka stocks suffered a sharp setback on Sunday as concerns over the country’s prolonged energy crisis triggered widespread selling on the Dhaka Stock Exchange (DSE).
The benchmark DSEX index fell 103 points, or 1.83 per cent, to 5,558, erasing much of the optimism built up over the previous three sessions, when the index had gained 64 points.
Market operators said persistent shortages of gas and electricity were disrupting industrial operations, raising concerns over production, corporate earnings and profitability. Factory shutdowns, production interruptions and greater reliance on costly alternative energy sources have added to those concerns.
The sell-off was broad-based. The DS30 index of blue-chip stocks dropped 26 points to 2,116, while the DSES index of Shariah-compliant stocks fell 23 points to 1,115.
Trading activity, however, remained relatively subdued. Turnover declined 24 per cent from the previous session to Tk 5.45 billion, suggesting the sharp fall was driven mainly by widespread selling rather than a surge in trading participation.
Market breadth was heavily negative, with 348 issues losing ground against just 20 gainers, while 21 remained unchanged.
Sharp Industries was the most-traded stock, with shares worth Tk 202 million changing hands.
The sell-off also spread to the Chittagong Stock Exchange. Its All Share Price Index (CASPI) fell 171 points to 15,001, while the CSE Selective Categories Index (CSCX) declined 88 points to 9,176.
