Four sessions ago, BEXIMCO traded at Tk 110.10. Today it closed at Tk 72.30 and the day’s range — high to low — was a single price point. Same number, all session, open to close. That is not a stock trading. That is a stock falling through a circuit breaker for the fourth time in a row, with no one on the other side of the tape.
The cumulative decline is 34.3% over four trading sessions. Approximately Tk 3,565 crore in market capitalisation has been erased. And on the same day BEXIMCO printed its fourth straight maximum-allowable decline, the DSEX rallied 104.95 points to 5,625.35 — its biggest single-session gain in weeks. The divergence between the index and Bangladesh’s most widely held stock now measures 1,186 basis points in a single session.
The cascade started the day the floor came off. Five calendar days later, no buyer has appeared at any price.
The Cascade in Four Identical Sessions
The arithmetic of the collapse is almost mechanical. June 9: down 10.0% to Tk 99.10. June 10: down 9.99% to Tk 89.20. June 11: down 9.98% to Tk 80.30. And today, June 14: down 9.96% to Tk 72.30. Every session has produced the maximum allowable decline under DSE circuit rules. Every session has opened at the lower circuit and stayed there until close. Every session’s high and low have been the circuit price itself.
The previous close of Tk 80.30 became today’s open, today’s high, today’s low, and today’s close. There was no intraday price discovery because there was no intraday trading.
The reference data from June 11 — the last session where volume was captured in detail — recorded 411 shares changing hands across 37 trades, generating Tk 0.03 million in turnover. For a stock with 943.2 million shares outstanding and the largest shareholder base on the exchange, that is not a market. It is a queue of sellers waiting for a buyer who is not coming.
The Volume That Did Not Appear Anywhere
BEXIMCO did not appear in the top six stocks by volume on Sunday. It did not appear in the top six by turnover. It did not appear in the top six by trade count. The leaders were BDTHAI at 16.6 million shares, NCCBANK at 13.4 million, LANKABAFIN at 10.0 million, MTB at 9.4 million, CITYBANK at 8.3 million, and GENEXIL at 7.0 million. The DSE’s most widely held stock by shareholder accounts contributed nothing to a session that recorded 438.3 million shares and Tk 1,358.47 crore in turnover.
The broader tape rewards the comparison. Breadth printed 246 advancing issues against 96 declining and 50 unchanged — a 2.56-to-1 ratio. ISLAMIBANK, the natural mirror trade for the country’s other most widely held name, hit the upper circuit at +9.97% to Tk 32.00, its second consecutive ceiling lock and a 30.1% recovery from its June 10 low. Capital is rotating. It is not rotating into BEXIMCO.
The market is repricing this stock in isolation. That is what idiosyncratic collapse looks like in data: the index rallies broadly while one name falls the maximum amount with zero participation.
The Fundamentals the Floor Was Hiding
The floor price of Tk 110.10 was hiding what the company actually earns. Cumulative EPS across three reported quarters is negative Tk 3.78. The trailing P/E reads -17.14, an arithmetically derived number that means nothing for valuation — you cannot value a loss-making company on a multiple of negative earnings. The “improvement” in P/E from -26.09 to -17.14 across the cascade is purely the falling price dividing into unchanged negative earnings.
The dividend record reads in the same direction. Cash dividends were 35% in 2021, then 30% in 2022, then 10% in 2023, and zero cash with only a 5% stock dividend in 2024. The trend is one direction. Management is preserving liquidity as losses accumulate.
The BSEC floor was set at Tk 110.10 to maintain a market cap of Tk 10,385 crore. The fundamentals never supported that figure. When the floor was removed, the market began discovering what they did support. After four sessions of trying, the answer is still: lower than this.
Where the Cascade Stops
There is no technical signal in the tape that identifies a floor because the tape is producing one data point per session. Price discovery requires two-way flow. BEXIMCO has had one-way flow for four consecutive days. The cascade ends only when a buyer is willing to absorb shares at a circuit price, generating volume and breaking the lock.
The fundamental case for becoming that buyer remains weak: negative EPS, deteriorating dividends, and no published catalyst for an earnings reversal. The technical case has not yet appeared. Sunday’s session — broad market up 1.90%, BEXIMCO down 9.96%, single-point range, no top-list appearance — is the cleanest statement the market has made about where capital wants to go.
It does not want to go here. Not yet.
This article is for informational purposes only and does not constitute investment advice. Capital market investments carry risk; consult a licensed advisor before making investment decisions.