Stocks slump amid worsening pandemic

Staff Correspondent | Published: 23:23, Jun 01,2020

 
 

Dhaka stocks slumped on Monday after a surge in the previous session as investors were concerned about the worsening COVID-19 pandemic situation in the country.

On Monday, DSEX, the key index of the Dhaka Stock Exchange, lost 1.5 per cent, or 60.95 points, to close at 3,999.49 points after gaining 52.15 points in the previous session.

The market was reopened on Sunday after remaining closed since March 26 due to the coronavirus pandemic-induced general holidays.

Market operators said that the number of coronavirus infection cases and deaths had been rising rapidly in recent days that became a concern for investors.

The country reported 2,545 virus-infection cases and 40 deaths on Sunday, the highest daily infection cases and death toll since the coronavirus was first reported in the country over three months ago.

The COVID-19 has so far infected 49,532 people and killed 672 people across the country.

Investors have been assessing the impact of coronavirus on the country’s economy and how it is going to recover from the ongoing slowdown.

Besides, almost all the sectors are affected by the pandemic and many companies feared that they might make huge losses during the period.

A section of investors also sold shares to liquidate their holdings within the regulatory price ceiling as the share prices advanced in the previous two sessions. On March 25, the DSEX had gained 31.71 points.

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