Stocks slump as geopolitical tensions

 
Stocks extended losses on Thursday as investors remained cautious amid uncertainty over the renewed geopolitical tensions in the Middle East, which further weakened market sentiment.

The DSEX, the broad index of the Dhaka Stock Exchange (DSE), dropped 66.8 points, or 1.14 percent, to close at 5,804 points, down from 5,871 points in the previous trading session.

Selling pressure prevailed throughout the session as investors adopted a risk-averse stance amid escalating Middle East tensions and lingering uncertainty surrounding the margin policy, prompting broad-based profit-taking.

Despite continued investor participation, market turnover fell 22.5 percent to Taka 9.4 billion, compared with Taka 12.1 billion in the previous session.

Among the sectors, Textile accounted for the largest share of turnover at 20.5 percent, followed by Pharmaceuticals (11.7 percent) and Banks (11.3 percent).

All major sectors closed in negative territory. The Travel and Leisure sector suffered the steepest decline, losing 4.4 percent, followed by Mutual Funds (-2.8 percent) and Ceramics (-2.5 percent).

Out of 396 issues traded on the DSE, 57 advanced, 306 declined, and 33 remained unchanged.

The Chittagong Stock Exchange (CSE) also ended lower, with the CSCX declining 97.2 points and the CASPI falling 158.1 points, reflecting the overall bearish sentiment in the country's capital market.