3 years ago

Stocks slide at opening amid low turnover

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Stocks plunged at the opening on Sunday as risk-averse investors were selling mode amid fear of further price erosion.

Following the previous week’s losing streak, DSEX, the prime index of the Dhaka Stock Exchange (DSE), slid 33.43 points or 0.48 per cent to stand at 6,818, after the first hour of trading at 11:00am.

The DS30 index, comprising blue chips, also fell 14.98 points to stand at 2,587 and the Shariah Index (DSES) lost 9.53 points to stand at 1,432 till then.

Turnover, another important indicator of the market, stood at Tk 2.053 billion within the first hour of trading at 11:00am.

Analysts said the market is falling as panic gripped the investors that the market would fall further amid growing concern on new coronavirus variants.

Bangladesh already suspended air connectivity with South Africa (SA) following a growing concern over the new coronavirus variant Omicron that has been detected first there.

The European Union also said it aimed to halt air travel from the region and restrictions on movement and activity in Europe and beyond.

Of the issues traded till then, 100 advanced, 212 declined and 41 issues remained unchanged on the DSE trading floor till then.

ONE Bank was the most traded stock till then with shares worth Tk 230 million changing hands, closely followed by IFIC Bank, Beximco, Paramount Textile and Orion Pharma.

The Chittagong Stock Exchange also opened sharply lower with its All Shares Price Index (CASPI)—losing 128 points to stand at 19,929 while the Selective Categories Index – CSCX shed 78 points to reach 11,981, also at 11:00am.

Of the issues traded till then 75 declined, 30 advanced and 14 remained unchanged with Tk 64 million in turnover.

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