Stocks open lower as tension prevails at BSEC

Stocks opened lower on Sunday amid prevailing tension at the Bangladesh Securities and Exchange Commission, centering forced retirement of an executive director last week.

Market analysts said the cautious investors preferred to stay on the sidelines amid weakened market momentum with sluggish trading activity surrounding the tension and the Ramadan.

Meanwhile, stock market stakeholders are holding a meeting on Sunday with the BSEC top brass to quickly resolve the crisis for the greater interest of the market and investors.

Following the previous week’s plunge, the prime index of the Dhaka Stock Exchange (DSE), went down by more than 12 points or 0.23 percent to 5,991 at 11:30am, when the report was filed.

The DS30 index, a group of 30 prominent companies, also fell 2 points to 1,888 while the DSES index, which represents Shariah-based companies, also dropped 2 points to 1,158 till then.

Turnover, another important indicator of the market, stood at Tk 1.27 billion till then.

Of the issues traded till then, 221 declined, 79 advanced, and 83 issues remained unchanged on the DSE trading floor till then.

Orion Infusion was the most traded stock with shares worth Tk 106 million changing hands till then.

The Chittagong Stock Exchange, however, opened higher with its All Shares Price Index (CASPI)—gaining 6 points to 14,509 while the Selective Categories Index – CSCX rose more than 6 points to 8,800 till then.

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