DSE market cap drops Tk10,000cr in last week

The Dhaka Stock Exchange (DSE) lost Tk10,000 crore in market capitalisation last week as the majority of stocks plunged, driven by abrupt regulatory actions, including the recategorisation of 28 additional stocks into the Z category.

In the last week, the benchmark index DSEX dropped 1.68% to close at 5,639, while the blue-chip index DS30 slipped 1.97% to settle at 2,064.

During the sessions, only 40 issues advanced, while 349 declined and 7 remained unchanged.

Increased selling pressure from investors boosted the daily average turnover by 11%, reaching Tk697 crore.

EBL Securities in its daily market review said the capital market of the country observed a significant setback as jittery investors scaled back their equity positions to avoid further losses amid uncertain market conditions, triggered by abrupt regulatory measures including the recategorization of 28 more stocks into the Z category and heightened volatility across the trading floor. 

Despite the market experiencing some positive momentum early in the week due to bargain hunters' buying interest in the resilient bank sector scrips, the market succumbed to the subsequent sell pressure from cautious investors in the final two sessions, leading the benchmark index plunging into negative territory after a week of marginal recovery, it added.

BRAC Bank was the top-traded company in terms of value, followed by Grameenphone and Islami Bank.

All the sectors, except the bank, displayed negative returns, out of which jute, paper and ceramic exhibited the most negative returns.

Islami Bank led the gainers' list as its share price jumped 30% to reach at Tk64.40, followed by SIBL and Islamic Finance.

Meanwhile, New Line Clothing topped the losers' list with a 25% drop, followed by Khulna Power and Shinepukur Ceramics.