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Stocks witnessed a downward trend in early hours of trading on Sunday as most investors went on the selling spree amid lack of confidence in the market.
Market analysts said the government’s move to liquidate People’s Leasing and Financial Services (PLFS) and the telecom regulator’s strict stance towards Grameenphone coupled with the latest gas price hike prompted investors to sell off their shares.
Following the last week’s sharp decline, the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) opened on a negative note.
Within first 15 minutes of trading, the key index of the country’s prime bourse fell 2.0 points while the CSE All Share Price Index (CASPI) of the port city’s bourse lost 20 points at 10:45am.
After 30 minutes of trading, the DSEX fell more than 13 point while the CASPI shed 40 points at 11:00am when the report was filed.
DSEX, the prime index of the DSE, went down by 13.32 points, or 0.25 per cent, to stand 5,208 points at 11:00am.
DS30 index, comprising blue chips, also fell 4.98 points to reach 1,852 till then. DSE Shariah Index lost 1.91 points to stand at 1,192 points.
Turnover, an important indicator of the market, stood at Tk 610 million on DSE when the report was filed at 11:00am.
Dhaka Insurance was the most traded stocks till then with shares worth Tk 71 million changing hands, closely followed by Monno Ceramic, Fortune Shoes, Federal Insurance and Asian Tiger Sandhani Life Growth Fund.
Of the issues traded till then, 134 advanced, 113 declined and 55 remained unchanged on the DSE trading floor.
The CSE also saw a downturn till then with its prime index CASPI shedding 40 points to stand at 15,932 points, also at 11:00am.
The port city bourse's Selective Category Index – CSCX – also fell 24 points to stand at 9,673 till then.
Of the issues traded till then, 39 advanced, 65 declined 16 issues remained unchanged with Tk 10 million in turnover.