Stocks plunge at opening as market resumes after Eid holidays

Stocks plunged on Tuesday, as investors were largely reluctant to make fresh investments as the Middle East war continues.

The market resumed on Tuesday after seven-day Eid holidays, as the market remained closed from March 17 to March 23 on Eid-ul-Fitr, the largest religious festival of the Muslims.

The investors remained cautious amid geopolitical uncertainty and the absence of a clear ceasefire in the Middle East.  The war with Iran continues, deepening fears of an energy crisis in the country, which is highly dependent on oil and LNG imported from the Middle East and shipped through the Strait of Hormuz.        

Following the previous session’s rise before Eid vacation, the prime index of the Dhaka Stock Exchange (DSE), went down by 61 points or 1.14 per cent to 5,292 at 11:00 am, when the report was filed.

The DS30 index, a group of 30 prominent companies, also lost 33 points to 2,017, while the DSES index, which represents Shariah-based companies, saw 9 points down to 1,071.

Turnover, another important indicator of the market, also remained low and amounted to Tk 1.30 million until then.

Of the issues traded, 268 advanced, 60 declined, and 43 issues remained unchanged on the DSE trading floor until then.

Robi Axiata was the most traded stock with shares worth Tk 72 million changing hands, followed by Sea Pearl Beach Resirts and Intech.

The Chittagong Stock Exchange saw a negative trend until then with its All Shares Price Index (CASPI)—losing 16 points to 15,014, while the Selective Categories Index – CSCX shed 9 points to 9,156 till then.

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