Loading...
The Financial Express

Stocks fall in early trading as coronavirus fears mount

Pharma cos continue to lead the markets


FE Online Report | Published: June 01, 2020 11:32:05 | Updated: June 02, 2020 15:22:13


Stocks fall at opening as virus fears mount

Stocks witnessed downward trend in early hour of trading on Monday amid mounting fears over coronavirus outbreak as the country is set to emerge a new global hotspot for the virus.

The presence of investors is thin in the brokerage houses as many investors are yet to return in Dhaka after the longest closure of the market since the Liberation War.

However, many investors are executing trade through phone, said a stockbroker.

The bourses also discourage clients for rushing in the brokerage houses and encourage more for trading through mobile apps and other internet based devices due to ongoing pandemic.

The country’s two bourses were closed since March 26, as the government announced general holiday as part of its efforts to contain the spread of deadly virus outbreak.

Within first 30 minutes of trading, DSEX fell more than 10 points while the Selective Category Index of port city bourse, however, gained 27 points at 11:00am when the report was filed.

DSEX, the prime index of the DSE, went down by 10.88 points or 0.26 per cent to stand at 4049 points at 11:00am.

The DSE Shariah Index (DSES) fell 3.26 points to stand at 948 points till then while the DS30 index, comprising blue chips advanced 1.55 points to 1366.

Turnover, the important indicator of the market, stood at Tk 820 million when the report was filed at 11:00am.

Of the issues traded till then, 30 advanced, 48 declined and 178 remained unchanged as transactions take placed based on the floor price of the shares.

The stock market regulator – the Bangladesh Securities and Exchange Commission imposed circuit breaker to boost the ailing market from March 19 last.

Pharma companies continued to lead the turnover board with Square Pharma was the most traded stocks till then with shares worth Tk 77 million changing hands, followed by Beximco Pharma, Beximco, Indo-Bangla Pharma and Grameenphone.

However, the CSE also saw upward trend till then with its All Shares Price Index (CASPI)—advancing 43 points to reach at 11,512 and the Selective Categories Index - CSCX –gaining 27 points to finish at 6,979 at 11:00am

Of the issues traded till then, 15 gained, 9 declined and 26 remained unchanged on the CSE with turnover of Tk 13 million.

babulfexpress@gmail.com

Share if you like