Stocks plunge at opening with low turnover

Stocks opened lower on Sunday amid thin participation of investors as jittery investors continued to sell-offs to avoid further erosion of their investment.

The latest policy rate hike and heating up political environment coupled with lower-than-expected earnings disclosures in most of the companies dampened investors' sentiment, market analysts said.

Following the previous day's sharp fall, the prime index of the Dhaka Stock Exchange (DSE), went down by 44 points or 0.87 per cent to 5,070 within the first hour of trading at 11:00 am, when the report was filed.

The blue-chip DS30 index, a group of 30 prominent companies, also lost 17 points to 1862 and the DSES index, which represents Shariah-based companies, shed 11 points to 1,133 till then.

Turnover, another important indicator of the market, remained low and stood at Tk 678 million till then.

Of the issues traded till then, 98 advanced, 225 declined, and 44 issues remained unchanged on the DSE trading floor till then.

Lovello Ice Cream was the most traded stock till then with shares worth Tk 62 million changing hands.

The Chittagong Stock Exchange also saw a sharp fall till then with its All Shares Price Index (CASPI)—losing 130 points to stand at 14,172 while the Selective Categories Index – CSCX shed 82 points to reach 8,623 till then.

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