Stocks continue to slide amid economic concerns

After Thursday’s flat session, stocks continued their bearish momentum on Sunday as investors remained cautious amid macro challenges amid a gloomy market outlook.

The DSEX, the general index of the Dhaka Stock Exchange (DSE), fell 20.22 points or 0.32% to close at 6,304 on Sunday.

Analysts observed the lingering sense of uncertainty among investors looking for new triggers that could help the stock market rise.

EBL Securities wrote in its market commentary on Sunday: “Dhaka shares closed in the red trajectory as prolonged bearish sentiment kept investors committed to continued selling in the absence of any major triggers for the market to rebound. “.

Investors were cautious amid continued market pessimism, which was exacerbated by reports that foreign exchange reserves had fallen to a two-year low of less than $40 billion.

However, investors were cautiously optimistic the previous week after record domestic exports, but after learning of the onset of Western market inflation bites on apparel exports, investor sentiment weakened again.

Of the 386 issues traded at the DSE, 236 fell, 51 were unchanged and only 99, mostly small-cap scrips, advanced on Sunday.

Despite the bearish trend, DSE’s daily turnover fell from Tk 580 crore to Tk 593 crore, reflecting intensifying selling pressure.

The textile, miscellaneous and electric power sectors were the main contributors to the turnover of the Dhaka stock exchange.

Most sectors posted dismal returns, among which textiles, ceramics and travel suffered the maximum price corrections.

The jute, life insurance and paper sectors, on the other hand, generated positive returns on Sunday.

The port city’s Chittagong Stock Exchange (CSE) also settled into red territory.

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