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The market opened lower on Wednesday as worried investors continued to sell off their holdings amid growing concerns over the economic uncertainties.
The investors have been suffering a crisis of confidence for long and the recent free-fall of the index mounted the crisis among them, said a leading broker.
Following the previous day’s fall, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by more than 44 points or 0.83 per cent to 5,235, after hours of trading at 12:00 noon, when the report was filed.
Price erosion of selective large-cap stocks such as Walton, BAT Bangladesh, Robi, ICB and Unilever contributed most to the market plunge in early trading.
Two other indices also saw sharp fall at opening with the DS30 index, comprising blue chips, losing 13 points to 1874 while the Shariah Index (DSES) fell 11 points to 1,141 till then.
Turnover, another important indicator of the market, remained low and amounted to Tk 1.53 billion till then.
The investors trimmed their exposure to the stock market owing to lingering economic uncertainties fuelled by inflation pressure and a declining forex reserve while possible capital gain tax over Tk 5 million in the next budget exacerbated the market sentiment.
Of the issues traded till then, 288 declined, 66 advanced, and 35 issues remained unchanged on the DSE trading floor till then.
IFIC Bank was the most traded stock till then with shares worth Tk 70 million changing hands.
The Chittagong Stock Exchange also saw a sharp fall till then with its All Shares Price Index (CASPI)—losing 50 points to stand at 15,190 the Selective Categories Index – CSCX shed 30 points to 9,140, also at 12:00 noon.