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Stocks slump at opening amid confidence crisis

| Updated: June 21, 2022 18:42:47


Investors react while monitoring stock price movements on TV and computer screens at a brokerage house in the capital city — FE/Files Investors react while monitoring stock price movements on TV and computer screens at a brokerage house in the capital city — FE/Files

The stock market opened lower on Tuesday as some investors kept their selling binge amid macroeconomic worries.

Following the previous day’s fall, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 35.35 points or 0.55 per cent to stand at 6,322 after the first hour of trading at 11:00 am.

Two other DSE indices also saw a downward trend till then. The DS30 index, comprising blue chips, fell 12.60 points to reach 2,301 and the Shariah Index (DSES) lost 6.74 points to stand at 1,381.

Turnover, another important indicator of the market, stood at Tk 1.79 billion after the first hour of trading at 11:00 am.

Market insiders said investors went for selling shares amid rising concerns over the country’s macroeconomic situation fuelled by the Russia-Ukraine war and global commodity price instability.

The worsening flood situation in the country’s north-eastern regions also upset investors’ sentiment.

The investor also feared the impact of the fresh wave of Covid-19 virus due to the rising trend of infected patients recently. At least 873 new Covid-19 cases were recorded in 24 hours until 8:00 am on Monday while the positivity rate jumped to 10.87 per cent.

Of the issues traded till then, 246 declined, 75 advanced and 52 issues remained unchanged on the DSE trading floor.

Beximco was the most traded stock till the filing of this report with shares worth Tk 167 million changing hands, closely followed by Fu-Wang Food, Shinepukur Ceramics, JMI Hospital Requisite and RAK Ceramics.

The Chittagong Stock Exchange also saw a negative trend till then with its All Shares Price Index (CASPI)—losing 49 points to stand at 18,678 the Selective Categories Index – CSCX shed 30 points to reach 11,199, also at 11:00 am.

Of the issues traded till then, 106 declined, 25 advanced and 12 remained unchanged with Tk 42 million in turnover.

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