Stocks plunged at the opening on Sunday, as panic-driven investors dumped their holdings amid fears of a fresh wave of the virus due to rising trends of Covid-19 infections and death.
Following the previous week’s sharp decline, the market opened on a sharp fall owing to a rising number of infections, investors apprehending that the country could be in for a second round of lockdown.
Within the first hour of trading, the DSEX dropped more than 85 points while the CSE All Share Price Index (CASPI) of port city’s bourse plunged 159 points at 11:00 am when the report was filed.
DSEX, the prime index of the DSE, went down by 85.02 points or 1.56 per cent to stand 5,349 points till then.
Two other indices also saw big fall till then with the DS30 index, comprising blue chips, lost 39.21 to reach 2,034 points and the Shariah Index (DSES) slumped 21.36 points to stand 1,226 points till then.
Turnover, another important indicator of the market, stood at Tk 1.77 billion within the first hour of trading when the report was filed at 11:00 am.
Market analysts said most of the investors continued their selling binge on major sector stocks riding on the news that daily Covid-19 infections and death rising alarmingly in recent days in the country.
Owing to a rising number of infections, investors apprehend that the country could be in for a second round of lockdown, which means the stock market would also be kept shut again, said a top broker preferring anonymity.
However, Bangladesh Securities and Exchange Commission (BSEC) assured that there is no such possibility. If the banks were kept open, so would the market, they said.
Of the issues traded till then, 230 declined, 18 advanced and 74 issues remained unchanged on the DSE trading floor till then.
Beximco was the most traded stock till then with shares worth Tk 286 million changing hands, followed by Robi, LafargeHolcim, LankaBangla Finance, and Beximco Pharma.
The port city bourse – the Chittagong Stock Exchange – (CSE) also saw a sharp decline at opening with CSE All Share Price Index- CASPI-losing 159 points to stand at 15,591 while the Selective Categories Index – CSCX shedding 94 points to react 9,406, also at 11:00 am.
Of the issues traded till then 95 declined, 6 gained and 18 remained unchanged with Tk 74 million in turnover.
