Stocks opened sharply lower on Monday as the worried investors were selling shares fearing further decline amid persistent volatility in the market.
Following the previous day’s steep fall, DSEX, the prime index of the Dhaka Stock Exchange (DSE), slid 80.14 points or 1.22 cent to stand at 6,474, after the first hour of trading at 11:00 am.
Two other DSE indices also saw a steep decline till then with the DS30 index, comprising blue chips, losing 29.93 points to reach 2,405 and the Shariah Index (DSES) losing 15.26 points to stand at 1,426.
Turnover, another important indicator of the market, stood at Tk 1.62 billion at 11:00 am.
Market analysts said the prolonged pessimism kept investors worried as they were continuously losing their risk taking appetite and engaged in selling sprees rather than placing fresh bets in the bearish market.
The looming uncertainty over the global economy and the commodity market instability continued to dampen the investor's sentiment, they said.
Pre-Eid sale pressure also exacerbated the market situation, they said.
Of the issues traded till then, 333 declined, 15 advanced, and 24 issues remained unchanged on the DSE trading floor.
JMI Hospital Requisite Manufacturing was the most traded stock till the filing of this report with shares worth Tk 515 million changing hands, followed by Beximco, LafargeHolcim, Doreen Power and GPH Ispat.
The Chittagong Stock Exchange, also opened sharply lower with its All Shares Price Index (CASPI)—shedding 124 points to stand at 19,177, while the Selective Categories Index – CSCX lost 75 points to reach 11,505 at 11:00am.
Of the issues traded till then, 115 declined, 13 advanced, and 10 remained unchanged with Tk 122.
