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Stocks plunge at opening amid lackluster trade

FE ONLINE REPORT | Monday, 22 February 2021


Stocks nosedived in early trading on Monday as investors continued their sell-offs on sector-wise issues amid persistently lackluster trade.

Following the previous week’s downward trend, the Dhaka Stock Exchange and the Chittagong Stock Exchange opened lower with low turnover.

Within the first hour into trade, DSEX plunged about 55 points while the CSE All Share Price Index (CASPI) of port city’s bourse lost 125 points at 11:00 when the report was filed.

DSEX, the prime index of the DSE, went down by 54.97 points or 1.0 per cent to stand 5,421 points till then.

Two other indices also saw negative trends till then. The DS30 index, comprising blue chips fell 28.24 points to reach at 2,077 and the Shariah Index (DSES) lost 11.61 points to stand 1,230 points till then.

Turnover, another important indicator of the market, stood at Tk 1.37 billion within the first hour of trading at 11:00 am.

Market analysts said the shaky investors continued their sell-offs in major stocks as a lack of positive triggers prevented investors from making the fresh investment.

The market remained under pressure in the past few weeks along with sluggish turnover as investors stayed cautious amid ongoing dividend declaration by December-end companies, said a merchant banker.

Of the issues traded till then, 180 declined, 29 advanced and 70 remained unchanged.

Beximco - the flagship company of Beximco Group- was the most traded stock till then with shares worth Tk 411 million changing hands, followed by Robi, BATBC, LankaBangla, and Beximco Pharma.

The port city bourse – the Chittagong Stock Exchange – saw a negative note with CSE All Share Price Index- CASPI- losing 125 points to stand at 15,696, also at 11:00 am.

Of the issues traded till then, 17 gained, 45 declined, and 13 issues remained unchanged with Tk 47 million in turnover.

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