Dhaka stocks extend sell-off as turnover stays subdued
Bangladesh's benchmark equity index extends losses on 18 October, marking a second straight session of declines as investors remain cautious during the earnings and dividend disclosure period. Trading activity stays muted at Tk365 crore, with selling pressure, weak confidence and technical disruptions at the exchange weighing on market participation.
Highlights
- DSEX index drops 10 points to 5,422 and DS30 loses 4 points to 2,085 as sustained selling pressure continues on Dhaka Stock Exchange.
- Turnover remains muted due to technical tests of the disaster recovery server and weak network connectivity, further reducing trading participation.
- Textiles lead turnover at 23% while RSRM Steel surges 9.52% and Sharp Industries declines 5.22%, with sector performance mixed and Mutual Funds dropping 1.2%.
Market moves and trading conditions
As reported by The Business Standard, the benchmark DSEX index falls 10 points to 5,422, while the blue-chip DS30 index sheds 4 points to 2,085 as selling pressure persists across the Dhaka Stock Exchange.Of the issues traded, 217 decline, 102 advance and 67 remain unchanged. EBL Securities says in its daily market review that investors largely stay on the sidelines amid ongoing earnings and dividend announcements, while uncertainty over the market's near-term direction weighs on confidence.
Profit-booking after recent bargain hunting triggers early selling, and intermittent buying support fails to reverse the trend. A DSE official, speaking anonymously, says low turnover is partly linked to technical arrangements to test the exchange's disaster recovery server, while weak network connectivity also dampens activity despite advance notice to brokers.
Sector performance and leading stocks
Textiles account for the largest share of turnover at 23%, followed by General Insurance at 14.4% and Pharmaceuticals at 10.3%. Sectoral performance remains mixed, with Jute gaining 1.8%, Services rising 0.7% and non-bank financial institutions adding 0.5%.Mutual Funds lead the losing sectors with a 1.2% drop, followed by IT at 0.8% and Ceramics at 0.7%. Sonali Aansh, IPDC Finance, Paramount Textile, Asiatic Laboratories and Sonargaon Textile rank among the most-traded stocks, while RSRM Steel tops the gainers with a 9.52% rise and Sharp Industries leads the losers after falling 5.22%.
Our earlier coverage of the S&P 500’s decline highlighted how renewed selling pressure—led by weakness in technology and semiconductor stocks—combined with higher borrowing costs to undermine sentiment. We also noted that the index slipping below key short-term moving averages signaled fragile near-term momentum, with analysts urging traders to watch important support and resistance levels as volatility stayed elevated.
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