Dhaka stocks in freefall, key index extends losses for fourth day

The DSEX extended its losses for the fourth day after the government’s disease control agency reported first coronavirus cases.

Bangladesh confirmed first three coronavirus cases on Sunday, after the day’s market was closed.

The Dhaka bourse closed 30 percent below its 52-week high on Mar 12, 2019.

Global share markets plunged on Monday as panicked investors fled to the safety of bonds and the yen to hedge the economic trauma of the coronavirus, while oil plunged more than 30 percent after Saudi Arabia opened the taps in a price war with Russia, Reuters reports

Saudi Arabia had stunned markets with plans to raise its production significantly after the collapse of OPEC’s supply cut agreement with Russia, a grab for market share reminiscent of a drive in 2014 that sent prices down by about two thirds.

The shock in oil was seismic as Brent crude futures slid $12 to $33.20 a barrel in chaotic trade, while U.S. crude shed $11.80 to $29.48.