The Financial Express

Stocks tumble at opening on lockdown worries

| Updated: July 01, 2021 09:14:28

Stocks tumble at opening on lockdown worries

Stocks tumbled at the opening on Sunday as panic gripped investors fearing further fall of share prices as the government announced a fresh strict lockdown to curb the spread of deadly coronavirus.

Due to the deteriorating virus situation, the countrywide “complete lockdown” now will be enforced from July 1 (Thursday), not from Monday (June 28) due to June closing.

The market opened on a steep fall and the DSEX, the prime index of the Dhaka Stock Exchange (DSE), eroded by 63 points or 1.03 per cent to stand at 6,029 points within the first 30 minutes of trading at 10:30 am.

Market analysts said the number of Covid-19 cases continued to rise alarmingly every day in the country and the situation is deteriorating fast which took a heavy toll on the market at the opening.

Share trading will be continued as usual at any situation, including lockdown, if banking activities remain operational, the securities regulator said.

Two other indices also saw sharp decline till then with the DS30 index, comprising blue chips, lost 20 points to reach at 2179 points and the Shariah Index (DSES) plunged 10 points to stand at 1,292 points till then.

Turnover, another important indicator of the market, stood at Tk 2.62 billion within the first 30 minutes of trading when the report was filed at 10:30 am.

Of the issues traded till then, 290 declined, 40 advanced and 16 issues remained unchanged on the DSE trading floor till then.

Beximco was the most traded stock till then with shares worth Tk 214 million changing hands, followed by Malek Spinning Mills, DBBL, Queen South Textile, and Popular Life Insurance.

The port city bourse – the Chittagong Stock Exchange – (CSE) also fell sharply at opening with CSE All Share Price Index- CASPI-losing 98 points to stand at 17558, also at 10:30 am.

Of the issues traded till then 91 declined, 24 gained and 13 remained unchanged with Tk 44 million in turnover.

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