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Stocks opened lower on Wednesday as cautious investors were enticed into short-term profit booking, taking advantage of the recent market recovery with consecutive sessions of price appreciation in the major scrips.
Uttara Bank, Power Grid, Brac Bank, ICB and Beacon Pharma saw price correction and mostly contributed to the market decline at opening
As a result, DSEX, the Dhaka Stock Exchange (DSE) went down by more than 17 points or 0.30 per cent to 5,708, after the first hour of trading at 11:00 am, when the report was filed.
The blue chip index DS30, a group of 30 prominent companies, saw more than 10 points fall to 2030 while the DSES Index, which represents Shariah-based companies, lost 3 points to 1,252 till then.
Market operators said the recent approval of the third tranche of the IMF loan has instilled some optimism among investors, although cautious ones are still observant of the sustainability of the current upbeat vibe and prefer to secure their unrealized gains.
Turnover, a crucial indicator of the market, stood at Tk 2.48 billion after the first hour of trading.
Of the issues traded, 146 advanced, 160 declined and 65 remained unchanged till then.
The Chittagong Stock Exchange (CSE) also opened high with the CSE All Share Price Index – CASPI –losing 2 points to 16,395, also at 11:00 am.