Stocks open new fiscal year downturn

GP shares keep losing on new SIM cards sale ban

| Updated: July 20, 2022 12:21:35

Stocks open new fiscal year downturn

Stocks witnessed a downturn in early trading Sunday, the first trading day of the new fiscal year (FY) 2022-23, amid persistent volatility.

Following the previous day’s marginal gain, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 18.64 points or 0.29 per cent to stand at 6,358, after the first two hours of trading at 12:00 noon.

Two other indices also saw downward trend till then with the DS30 index, comprising blue chips, losing 8.12 points to reach 2,287 and the Shariah Index (DSES) fell 3.92 points to 1,382.

Turnover, another important indicator of the market, stood at Tk 2.98 billion after two hours at 12:00 noon.

Market operators said some of the investors preferred to book profit on sector specific stocks.

The small investors are struggling amid persistent volatility in the market, they said.

Meanwhile, Grameenphone shares plunged 2.0 per cent further within two hours of trading, the highest allowable limit.

The largest market-cap listed firm’s share also plunged to its highest allowable limit on Thursday last after the  telecom regulator banned them from selling new SIMs due to failure to provide quality service.

The Bangladesh Telecommunication Regulatory Commission (BTRC) Wednesday instructed the country’s top mobile network operator not to sell any new SIM until further notice.

However, Robi shares jumped 9.97 per cent to reach at Tk 33.10 at 12:00 noon as investors expected good business prospects ahead after the telecom regulator banned GP from selling new SIMs.

Of the issues traded till then, 181 declined, 139 advanced, and 60 issues remained unchanged on the DSE trading floor till then.

Intraco Refueling Station was the most traded stock till then with shares worth Tk 265 million changing hands, closely followed by Robi, Saif Powertec, Shinepukur Ceramics and Fu-Wang Food.

However, the Chittagong Stock Exchange opened marginally higher with its All Shares Price Index (CASPI)—gaining 13 points to stand at 18,741 while the Selective Categories Index – CSCX rose 9.0 points to reach 11,186, also at 12:00 noon.

Of the issues traded till then 86 declined, 72 advanced and 24 remained unchanged with turnover of Tk 78 million after two hours.

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