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Stocks witnessed a downturn in the early hours of trading on Sunday as investors were mostly in selling mode amid the prevailing volatility in the market.
Market analysts blamed the rising interest rates that made fixed-income instruments more lucrative as compared to stock market returns while a possible global crisis resulting from Iran’s attack on Israel hit the investors’ sentiment.
Following the four days' slump, the market opened lower. After the first hour of trading, the key index of the Dhaka Stock Exchange (DSE) went down by 19 points or 0.34 per cent to 5,667 at 11:00 am, when the report was filed.
The blue-chip index DS30, a group of 30 prominent companies, fell 6 points to 1978 while the DSES Index, which represents Shariah-based companies, also lost 6 points to 1,240 till then.
Turnover, a crucial indicator of the market, remained low and amounted to Tk 1.30 billion after the first hour of trading.
Of the issues traded, 80 advanced, 223 declined, and 63 remained unchanged till then.
The Chittagong Stock Exchange (CSE) also opened lower with the CSE All Share Price Index – CASPI –losing 32 points to 16,212, also at 11:00 am.