Stocks slide at opening as market to remain closed during lockdown

FE ONLINE REPORT | Tuesday, 13 April 2021

Stocks opened marginally lower on Tuesday after witnessing a modest rise the previous day riding on the news of stock market closure during the forthcoming lockdown.

Trading and settlement activities on the bourses will remain closed during the seven-day strict lockdown, starting from tomorrow, as banks will remain closed during the period.

DSEX, the prime index of the Dhaka Stock Exchange (DSE), fell more than 14 points or 0.27 per cent to stand at 5,173 within the first 30 minutes of trading.

Market analysts said some investors are selling shares as the stock market will remain closed for a week during the government enforced seven-day strict lockdown, starting from tomorrow (Wednesday).

The Bangladesh Securities and Exchange Commission (BSEC) has decided to shut the country’s stock market until the countrywide strict lockdown remains in force.

A nationwide lockdown will be in force in the country from Wednesday to April 21 to contain the spread of the deadly coronavirus.

Stock market trading will start as soon as the banks' services resume, BSEC officials said.

Meanwhile, two other DSE indices also saw a negative trend till then with the DS30 index, comprising blue chips, lost 3.71 points to reach 1,957 points and the Shariah Index (DSES) shed 1.68 points to stand at 1,181 points till then.

Turnover, another important indicator of the market, stood at only Tk 982 million within the first 30 minutes of trading when the report was filed at 10:30 am.

Of the issues traded till then, 140 declined, 67 advanced, and 57 remained unchanged on the DSE trading floor till then.

Central Insurance was the most traded stock till filing of this report with shares worth Tk 145 million changing hands, followed by GBB Power, Beximco, BD Finance and Continental Insurance.

The Chittagong Stock Exchange also fell marginally at opening with the CASPI losing 39 points to stand at 14,969, also at 10:30 am.

Of the issues traded till then 35 declined, 15 gained, 9 remained unchanged with Tk 13 million in turnover.

[email protected]