** We see no end to overwhelming lawlessness everywhere: Problem is muscle politics ** Remittance dips 15pc amid forex crisis ** Lawyer’s six bank accounts frozen ** CEC assures OECD envoys to hold inclusive, acceptable polls ** Exports hit record $ 52b in outgoing fiscal year ** Visitors suffer from online ticketing at Nat’l Museum ** Govt to lower age bracket for children to punish teen gangs ** Motorcycles on Padma Bridge not allowed before Eid-ul-Azha ** SSC likely to be in August ** Environment is absent for participation of girl students at colleges and universities ** City residents yet to get respite from waterlogging ** Plastic mini packs harming health, environ severely ** US to send Ukraine advanced surface-to-air missile systems ** Padma bridge Record collection of Tk 3.16cr in one day ** Country reports 6 more Covid deaths with 1,105 cases ** Another killed in road crash in Padma bridge area ** A huge quantity of local and foreign currencies, gold and silver jewelries in 16 sacks were found from the charity boxes of Pagla Masjid in Kishoreganj. Several hundreds including people from district admin, banks as well as madrasa students participated in counting the money and assorting the wealth. After every three months, the boxes are opened, but this time they were opened after 110 days and found Tk 3.60 crore. Last time, about Tk 4 crore, foreign currencies as well as gold jewelries were found from the mosque’s charity boxes. NN photo ** Padma Bridge Khulna Railway Station missing passengers’ hustle-bustle ** BB's monetary policy inadequately addresses inflation ** Long tailbacks on toll plaza as all booths were not operational ** Eid advance train ticket sales begin ** Flood is likely to be prolonged ** Foreign envoys in Dhaka remember those killed ** 1,500 militants arrested since Holey Artisan attack: RAB DG ** DGHS reports 5 more Covid deaths, 1,897 new cases **

Stocks tumble on panic sales

17 May 2022

Business Desk :
Stocks suffered a big loss on Monday as jitter investors went on a heavy sell-off on large-cap shares amid concerns over the country's macroeconomic situation.
The market witnessed a steep fall from the beginning of the session as investors, particularly the retail ones, went for panic sales, plunging below the 6,500-mark instantly at the opening.
Finally, DSEX, the core index of Dhaka Stock Exchange (DSE), tumbled 134.53 points or 2.05 per cent to settle at 6,430.93. DSEX eroded over 267 points in the past four straight sessions.
Two other indices also ended sharply lower. The DS30 index, comprising blue chips, fell 40.99 points to finish at 2,365 and the DSE Shariah Index (DSES) plunged 21.87 points to close at 1,410.
Market analysts said fear over bank interest hike, the global commodity price instability coupled with Sri Lanka's economic and political crisis hit stock investors' sentiment.
Stocks plunged further on investors' worries as the global economic outlook made them nervous to exert sell-pressure on the bourse, according to a merchant banker. "The investors are in a very tough situation as they are witnessing continuous erosion of their money," he said.
Local currency depreciation, imbalance in current account balance, price hike of essentials and expectation of restrictive economic policies prompted investors to sell-off to avoid further loss of their portfolios, he said.
Turnover, a crucial indicator of the market, however, rose to Tk 10.18 billion, which was 24 per cent higher than the previous day's tally of Tk 8.23 billion.
The risk-averse investors opted out due to the fear of regulatory intervention on the interest rate to fight rising inflation, said the stockbroker.
Prices of 91 per cent traded issues lost as out of 381 issued traded, 348 declined, 26 advanced and seven issues remained unchanged on the DSE trading floor.
Shinepukur Ceramics was the most-traded stock with shares worth Tk 602 million changing hands, followed by Beximco, JMI Hospital Requisite Manufacturing, RD Food and Fu-Wang Ceramic.

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