Stocks witness sharp fall at opening

The prices of most of the shares on both bourses saw sharp decline in early hour of trading Wednesday as the central bank slashed the limit of advance-deposit ratio (ADR).

The Bangladesh Bank (BB) slashed the limit of advance-deposit ratio (ADR) on Tuesday to help check any possible liquidity pressure on the market due to the banks’ ‘aggressive’ lending.

The ADR is re-fixed at 83.50 per cent for all the conventional banks and at 89 per cent for the Shariah-based Islamic banks. The existing ratios are 85 per cent and 90 per cent respectively. The banks must adjust it gradually by June 30.

Following the previous day’s downturn, the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) opened downward trend amid low trading activities.

Within first 15 minutes of trading, the key index of the country’s prime bourse fell more than 41 points while the CSE All Share Price Index (CAPSI) of port city’s bourse lost 53 points at 10:45am.

After 30 minutes of trading, the key index of the DSE plunged more than 48 points while the CSE All Share Price Index (CAPSI) shed 78 points at 11:00am when the report was filed.

DSEX, the prime index of the DSE, went down by 48.36 points or 0.78 per cent to reach at 6,079 points at 11:00am.

The two other indices also saw downturn till then. The DS30 index, comprising blue chips, fell 18.64 points or 0.82 per cent to reach at 2,248 points.

The DSE Shariah Index (DSES) also plunged 10.22 points or 0.72 per cent to stand at 1,404 points till then.

Turnover, the important indicator of the market, stood at only Tk 693 million when the report was filed at 11:00am.

Of the issues traded till then, 38 advanced, 186 declined and 34 remained unchanged.

Grameenphone (GP) was the most traded stocks till then with shares worth Tk 68 million changing hands, closely followed by Pharma Aids Tk 57 million, Golden Harvest Tk 35 million, LankaBangla Finance Tk 29 million, and Monno Ceramic Industries Tk 28 million.

CHITTAGONG STOCK EXCHANGE:

The port city bourse – the Chittagong Stock Exchange – (CSE) also saw sharp fall in early trading with CSE All Share Price Index- CAPSI- losing 78 points to stand at 18,876, also at 11:00am.

The Selective Category Index – CSCX –also fell 48 points to stand at 11,402 points till then.

Of the issues traded till then, 13 gained, 70 declined and 11 issues remained unchanged with Tk 21 million in turnover.

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