Stocks plunge at opening with low turnover

Stocks opened sharply lower on Sunday with low participation of investors as investors were mostly cautious of the market’s trend due to uncertainties over the on-going economic and political tensions.

The record non-performing loans in the banking sector, coupled with downgraded sovereign ratings of the country on Moody’s scale hit investors sentiment, market operators said.

The news of huge negative equity reached over Tk 97 billion in the capital market further triggered the prevailing investor pessimism.

Following the previous week's sharp fall, the prime index of the Dhaka Stock Exchange (DSE), went down by 48 points or 0.92 per cent to 5,149 at 11:30am, when the report was filed.

The DS30 index, a group of 30 prominent companies, lost 16 points to 1,903 while DSES index, which represents Shariah-based companies, shed 2 points to 1,149.

Turnover, another important indicator of the market, remained low and amounted to Tk 957 million until then.

Of the issues traded till then, 102 advanced, 192 declined, and 79 issues remained unchanged on the DSE trading floor till then.

Lovello Ice-cream was the most traded stock till then with shares worth Tk 56 million changing hands.

The Chittagong Stock Exchange saw a downward trend till then with its All Shares Price Index (CASPI)—losing 24 points to stand at 14,560 while the Selective Categories Index – CSCX fell 15 points to reach 8,864 till then.

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