Stck Exchange

DSE sees small initial rise followed by nosedive

Trading at the Dhaka Stock Exchange kicked off initially with a 10-minute price hike but turned into a nose dive within the first half an hour of trade on the last day of the week.

The general index shed 48.76 or 0.9 percent to stand at 5363.23 points around 11.32 am on Thursday. Shares worth a total of Tk. 506.71 million were traded by then with prices of only 25 issues rising, 147 falling and 19 remaining unchanged.

The index reached its highest at around 11.10am, 5433.48 points.

Investors took to the streets in front of the DSE around 2.30pm on Wednesday after share prices on the Dhaka Stock Exchange (DSE) fell through, despite repeated assurances from the banks. The general index lost 143 points.

On Sunday, Bangladesh Association of Banks chief Nazrul Islam Mazumder had assured investors that the market would not fall as they had entered the game through a Market Stabilisation Fund.

Boosted apparently by a decision of banks to pump in billions to salvage the plummeting market, Sunday’s turnover crossed the Tk 6-billion mark.

However, on Monday, the Dhaka stocks dipped again with the general index falling by around 181 points or 3.19 per cent to close at 5473.61 points.

Tuesday saw a gain of 81.67 points in the general index to close at 5555.28 points.

On Oct 18, the turnover plummeted to Tk 2.1 billion, the level it was at nine months ago. The lowest turnover recorded before that was on Jan 25, at Tk 2.06 billion.

Two days later, on Oct 20, the Association of Bankers, Bangladesh, a platform of top bank executives, said that they would start investing in the capital market from Sunday to prop up the sagging market.

The announcements came after weeks of discussions on the issue as ministers, regulators and stock brokers sought to end protests by small investors over the past weeks. The investors have been calling for measures to prop up prices after indices hit the lows on consecutive trading days early last week.

On Dec 5 last year, the DSE general index reached a record 8918 points. But unrest began in the market the following day, and December and January saw free fall.

Following the budget in June, as the government allowed undisclosed income into the market, the bourses saw a month of improvement. However, the fluctuations returned by the end of July.

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