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The market opened lower on Thursday as the worried investors continued to sell-off their holdings amid growing concerns over the economic uncertainties.
The investors have been suffering a crisis of confidence for long and the recent free-fall of the index mounted the crisis among them, said a leading broker.
Following the previous seven days’ major fall, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by more than 50 points or 0.92 per cent to 5,321, after 90 minutes of trading at 11:30 am, when the report was filed.
Price erosion of selective large-cap stocks such as BAT Bangladesh, Berger Paints, ICB, Unilever and Renata contributed most to the market plunge in early trading.
Two other indices also saw sharp fall at opening with the DS30 index, comprising blue chips, losing 17 points to 1913 while the Shariah Index (DSES) fell 12 points to 1,162 till then.
Turnover, another important indicator of the market, remained low and amounted to Tk 1.90 billion till then.
The investors trimmed their exposure to the stock market owing to lingering economic uncertainties fuelled by inflation pressure and a declining forex reserve while possible capital gain tax over Tk 4 million in the next budget exacerbated the market sentiment.
Of the issues traded till then, 290 declined, 45 advanced, and 36 issues remained unchanged on the DSE trading floor till then.
Orion Pharma was the most traded stock till then with shares worth Tk 120 million changing hands, closely followed by Lovello Ice-cream, Alif Industries and Orion Infusion.
The Chittagong Stock Exchange also saw a sharp fall till then with its All Shares Price Index (CASPI)—losing 67 points to stand at 15,491 the Selective Categories Index – CSCX shed 41 points to 9,320, also at 11:30 am.