DSE index experiences a 50-point drop

The key index of Bangladesh's stock market dropped nearly 50 points today and the turnover also followed suit as major companies from pharmaceuticals and engineering sectors experienced massive falls.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), fell 49 points, or 0.79 percent, to 6,226.

The DSES Index, comprising Shariah-based companies, was down 11 points, or 0.81 percent, to 1,372 while the blue-chip index, DS30, slipped 0.88 percent to 2,139.

Beacon Pharmaceuticals was the main dragger of the index losing 8 points alone followed by Bangladesh Submarine Cables 4 points and LafargeHolcim Bangladesh 2.5 points.

Turnover, an important indicator of the market, fell to Tk 1,173 crore, which was Tk 1,176 crore the previous day.

Of the securities that traded on the premier bourse of Bangladesh, 61 issues advanced, 305 declined and 30 remained unchanged.

Pharmaceuticals sector made the highest contribution to the turnover with the trading of Tk 159 crore shares followed by engineering sector that contributed Tk 142 crore.

Banking sector also contributed Tk 110 crore in the day's turnover.

Among all the sectors, fuel and power stocks experienced the sharpest fall of 4.8 percent followed by engineering 4.7 percent and pharmaceuticals 0.46 percent.

The trend was different in the Chittagong Stock Exchange.

The CASPI, the broad index of the port city bourse, fell 1.91 percent, or 347 points, to 17,811.

Sikder Insurance debuted by posting a 10 percent gain.

Meanwhile, IFIC Bank rose 8.33 percent, Aftab Automobiles increased 7.6 percent, Khan Brothers PP Woven Bag 7.48 percent and Information Services 7.05 percent.

HR Textile posted the steepest fall of 9.96 percent while Bangladesh Submarine Cables and KDS Accessories lost 9.95 percent each.

IPDC Finance dropped 9.94 percent and GSP Finance 9.91 percent.