Stocks bleed as key index drops to 27-month low30 April 2019 bdnews24.com
The key index of the Dhaka Stock Exchange has slipped to a 27-month low as a continued fall in share prices weighed on investor sentiments.
The benchmark DSEX plunged 1.2% or 62 points to settle at 5,175 on Monday. This was the largest single-day fall in recent months, dragging the index down to its lowest level since Jan 8, 2017 when the index was 5,158.
Sliding share prices triggered the panic sale, pulling the market further down, according to top brokers.
But the negative comments from the government high-ups accelerated the fall, they said.
In Sunday's question-answer session in parliament, Finance Minister AHM Mustafa Kamal admitted that the capital market is not fully under the government's control and the banking sector was in a bad shape as well.
The strength of an economy first gets reflected through the stock market and this is how the economy and the capital market are connected, he added.
On the DSE, all the large cap sectors closed in the red, led by food and allied that shed about 3 percent.
It was followed by engineering that fell 1.69 percent, banks 1.67 percent, telecoms 1.47 percent, non-bank financial institutions 1 percent, power 0.80 percent, and pharmaceuticals 0.31 percent, according to BRAC EPL.