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The stock market opened lower on Sunday as Grameenphone, the largest market-cap share plunged after the withdrawal of floor price.
After remaining at Tk 286.6 more than 18 months, GP free-from the lowest price restriction as per the directive of the Bangladesh Securities and Exchange Commission (BSEC).
The floor price is the lowest price set by the securities regulator at which a stock can be traded. The BSEC in January lifted the floor price of most stocks 18 months after introducing it.
Following the floor price removal, GP took a hit as its stock price plunged 8.72 per cent or Tk 25 each to Tk 261.6 after the first hour of trading.
Market operators said as the GP is the largest market-cap stocks, its price fall impacted the overall index.
Accordingly, the key index of the prime bourse went up by 24 points to 6,230 after the first hour of trading at 11:00am, when the report was filed.
Two other indices also saw negative trends till then. The DSES index, which represents Shariah-based companies, 7 points to 1,352 and the DS30 Index, which consists of blue-chip companies, lost 8 points to 2,118.
Turnover also stood at Tk 3.45 billion after the first hour of trading.
Of the issues traded till then, 177 declined, 29 advanced, and 75 remained unchanged on the DSE trading floor.
Fu-Wang Ceramic was the most-traded stocks till then with shares worth Tk 230 million changing, followed by Central Pharma, GP, LafargeHolcim and BD Thai Aluminum.
The Chittagong Stock Exchange (CSE), also opened lower with the CSE All Share Price Index – CASPI – losing 36 points to 17,890 at 11:00am.