Stocks witness downward trend at opening

FE Online Report | Published: October 09, 2017 11:54:41 | Updated: October 22, 2017 22:53:35


File Photo (The Financial Express)

The prices of most of the shares on both bourses witnessed a downward trend in early trading on Monday as investors followed cautious stance after Bangladesh Bank (BB) fined seven banks for violating securities rules on share investment.

Market insiders said the investors went on the selling binge fearing further fall of stock prices as the BB is now investigating the stock market activities of another eight banks.

Following the previous day’s marginal gain, the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) opened lower, but turnover remained encouraging.

Within first 15 minutes of trading, the key index of the country’s prime bourse fell more than 26 points while the Selective Category Index of the port city bourse lost 53 points at 10:45am.

After 30 minutes of trading, DSEX plunged more than 36 points while the Selective Category Index of the port city bourse lost 48 points at 11:00am when the report was filed.

DSEX, prime index of the DSE, went down by 36.74 points or 0.59 per cent to stand at 6,169 at 11:00am.

Two other indices also saw a downward trend till then. The DS30 index, comprising blue chips, fell 10.75 points or 0.48 per cent to 2,204.

DSE Shariah Index (DSES) lost 2.78 points or 0.20 per cent to stand at 1,352.

Turnover, an important indicator of the market, stood at Tk 2.05 billion when the report was filed at 11:00am.

Of the issues traded till then, 130 advanced, 100 declined and 27 remained unchanged.

LankaBangla Finance dominated the turnover chart till then with shares of Tk 265 million changing hands, closely followed by Islami Bank Tk 105 million, Uttara Bank Tk 95 million, National Bank Tk 77 million and Al-Arafah Bank Tk 61 million.

The port city bourse – the Chittagong Stock Exchange – (CSE) also saw a downward trend till then with its Selective Category Index – CSCX – losing 48 points to stand at 11,608 points, also at 11:00am.

Of the issues traded till then, 48 gained, 49 declined and 10 issues remained unchanged with Tk 80 million in turnover.

bb/shuvo/rmc

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