Stocks opened lower on Wednesday, maintaining the bearish trend, as the edgy investors kept their sell-off to exit from the market amid the deepening economic uncertainty.
Following the previous day’s big fall, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 40.48 points or 0.65 per cent to stand at 6,112, after the first two hours of trading at 12:00 noon.
Two other DSE indices saw a downturn till then. The DS30 index, which consists of the blue-chip companies, fell 14.55 points to 2,198 while the DSES Index, which represents Shariah-based companies, slumped 7.26 points to 1,340.
Turnover, another important indicator of the market, stood at Tk 3.70 billion after the first two hours of trading.
Market insiders said the ongoing global economic turmoil made an impact on the country's economy, which is also reflected in the stock market.
Most investors were trying to exit from the market by dumping their holdings as they fear economic challenges in the coming months, said a leading broker, seeking anonymity.
He noted that the market has been struggling for the past few months since the Russia-Ukraine war began, and it worsened after the government’s measures to restrain energy as a safeguard against the global economic instability.
Many of the issues have no buyers till the filing of this report. Of the issues traded till then, 273 declined, 62 advanced, and 43 issues remained unchanged on the DSE trading floor.
Sonali Papers was the most traded stock till then with shares worth Tk 375 million changing hands, closely followed by Beximco, Intraco Refueling Station, Titas Gas and Orion Infusion.
The Chittagong Stock Exchange also opened lower with its All Shares Price Index (CASPI)—losing 70 points to stand at 17,996 while the Selective Categories Index – CSCX – fell 43 points to 10,781, also at 12:00 noon.
Of the issues traded till then, 176 declined, 40 advanced, and 18 remained unchanged with a turnover of Tk 82 million.