Special Correspondent
Dhaka stocks tumbled as dominant sell-offs gripped the market right from the first hour of today's session, with jittery investors staying cautious amid worries over the standoff between the top brass and other officials of the Bangladesh Securities and Exchange Commission (BSEC).
The key index DSEX lost 29.52 points and closed at 5,174.44. The blue-chip index DS30 (-0.49%), the Shariah-based index DSES (-0.38%), and the large-cap index CDSET (-0.22%) closed at 1,880.39, 1,156.44, and 1,044.41 points, respectively.
Most of the large-cap sectors posted negative performance on Sunday. Block trades contributed 9% of the overall market turnover. Orion Infusion Ltd. (+1.5%) was the most traded share with a turnover of Tk 180 million.
Meanwhile, lackluster trading activity continued with market turnover again decreasing by 4.6% to Tk 3.4 billion as against Tk 3.5 billion in the previous session. Out of the 397 issues traded, 56 advanced, 271 declined, and 70 remained unchanged.
In its daily market commentary, the EBL Securities said that the Dhaka stocks tumbled as dominant sell-offs gripped the market right from the first hour of today's session, with jittery investors staying cautious amid an uncertain market momentum due to prevailing tensions and unrest within the stock market regulator.
Investors mostly preferred to take a wait-and-see approach and stay on the sidelines considering the weakening strength of the market's trend, it said.
The port city bourse, Chittagong Stock Exchange (CSE), also witnessed a negative session today. The Selective Categories' Index (CSCX) and All Share Price Index (CASPI) fell by 25.4 points and 43.4 points, respectively.
Besides, Dhaka Stock Exchange Chairman Mominul Islam on Sunday met the BSEC Chairman. Representatives of Chittagong Stock Exchange, CDBL, CCBL, BMBA, and asset managers were also with him.
Mominul Islam later told reporters, "To restore investor confidence in the capital market, we believe that a detailed investigation into the irregularities and corruption that have occurred in the past years and bringing the relevant individuals to justice is very important. We, the market stakeholders, are expressing solidarity with the ongoing investigation."
"If any institution or individual is aggrieved, they can appeal to the government. If they want, they can take legal recourse. But the way the movement was being carried out to realize their demands through chaos is in no way desirable."
Later, BSEC Chairman Khondoker Rashed Maqsood appeared before reporters under military guard. He said, "We have called on everyone to come and join the work. We will provide all kinds of support."
On Wednesday, the chairman and commissioners of BSEC were confined by the commission's employees in protest against the forced retirement of Executive Director Saifur Rahman.
To tackle the situation, additional law enforcers, including the army, were deployed in front of the BSEC building.
On Friday, a case pressing criminal charges was filed against 16 protesting officials.
By Saturday, the rare and highly damaging bureaucratic clash had drawn condemnation from the Bangladesh Administrative Service Association (BASA), which said that demands should be made with discipline.
