a year ago

Stocks slump at opening

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The market opened lower on Thursday as the risk-averse investors sold shares ahead of Eid holidays at lower than expected earnings of many companies.

This is the last trading day before Eid vacation as the market will remain closed for four days (Sunday to Wednesday) on the occasion of Eid-ul-Fitr in line with the government holidays.

Following the previous day’s flat ending, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 33.54 points or 0.50 per cent to stand at 6,644, after the first hour of trading at 11:00am.

Two other indices also saw a negative trend till then with the DS30 index, comprising blue chips, losing 12.61 points to reach 2,453 and the Shariah Index (DSES) shed 8.65 points to stand at 1,444.

Turnover, another important indicator of the market, stood at Tk 2.56 billion within the first hour of trading.

Market operators said investors remained cautious as Eid festival near while some selling shares amid lower than expected quarterly earnings of many companies.

Of the issues traded till then, 235 declined, 83 advanced and 49 issues remained unchanged on the DSE trading floor till then.

JMI Hospital Requisite Manufacturing was the most traded stock till then with shares worth Tk 264 changing hands, closely followed by Unique Hotel, Beximco, Nahee Aluminum and GPH Ispat.

The Chittagong Stock Exchange also saw downward trend till then with its All Shares Price Index (CASPI)—losing 76 points to stand at 19,536, while the Selective Categories Index – CSCX fell 46 points to reach at 11,722 at 11:00am.

Of the issues traded till then 114 declined, 41 advanced, and 17 unchanged with Tk 98 million in turnover.

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