Socks slide at open amid Middle East crisis, shorter trading hours

Stocks down at opening on Sunday amid reduced trading hours as sellers remained cautious due to the prolonged Middle East crisis.

Market participants expressed growing anxiety over fuel price volatility amid the ongoing Middle East war, which has heightened fears of a prolonged energy crisis.

Meanwhile, the trading activities on the bourses reduced by 30 minutes from today (Sunday) in line with the government’s strategy to manage the ongoing energy crisis, triggered by the American-Israeli aggression against Iran.

Following the development, the market opened lower on Sunday as sellers predominated across the trading floor amid heightened concerns over the market’s momentum.

The DSEX, the prime index of the Dhaka Stock Exchange, slid 56 points or 1.06 per cent to 5,164 within the first hour of trading at 11 am, when the report was filed.

Bangladesh equities have faced significant pressure since the Iran–Israel war began on February 28, prompting jittery investors to offload holdings amid fears of further erosion in asset values.

The escalating conflict has sent shockwaves across global markets, affecting economies far beyond the immediate region. Bangladesh, heavily reliant on Middle Eastern energy imports, remains particularly vulnerable to the fallout.

The DS30 index, a group of 30 prominent companies, also lost 20 points to 1,960, while the DSES index, which represents Shariah-based companies, shed 8 points to 1,051.

Turnover, another important indicator of the market, also remained low and amounted to Tk 1.41 billion until then.

Of the issues traded, 34 advanced, 322 declined, and 26 issues remained unchanged on the DSE trading floor until then.

Asiatic Lab was the most traded stock with shares worth Tk 72 million changing hands, followed by Janata Insurance, Orion Infusion and Acme Lab.

The Chittagong Stock Exchange saw a negative trend until then, with its All Shares Price Index (CASPI)—losing 69 points to 14,632, while the Selective Categories Index – CSCX shed 44 points to 8,938 till then.

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