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Stocks opened with a mixed trend on Wednesday as investors were largely reluctant to make fresh investments in the absence of any strong positive catalyst to revive investor confidence.
The market has been passing through a bearish sentiment for a long while the latest increase of value added tax (VAT) on certain goods triggered further caution over the market’s momentum.
Moreover, the prime bourse downgraded three more companies – Union Bank, Sea Pearl Beach Resorts, and Sonali Life Insurance-- to Z category, effective from today.
Following the previous three days’ downturn, the prime index of the Dhaka Stock Exchange (DSE) went up by 5 points or 0.09 per cent to 5,155 at 11:00 am, when the report was filed.
The DS30 index, a group of 30 prominent companies, however, lost 3 points to 1,902. The DSES index, which represents Shariah-based companies, rose 1 point to 1,160.
Turnover, another important indicator of the market, also remained low and amounted to Tk 1.36 billion.
Of the issues traded till then, 207 advanced, 99 declined, and 65 issues remained unchanged on the DSE trading floor.
Monno Fabrics was the most traded stock with shares worth Tk 93 million changing hands.
The Chittagong Stock Exchange (CSE) saw a positive trend till then with its All Shares Price Index (CASPI)—gaining 39 points to 14,423 while the Selective Categories Index (CSCX) rose almost 14 points to 8,771.