Stocks open mixed after Eid break

Stocks saw a mixed trend on Tuesday after the Eid holiday as investors were mostly cautious amid rising macro concerns.

After the first hour of trading, the DSEX, the main index of the Dhaka Stock Exchange (DSE), rose 4.83 points or 0.07% to 6,371 at 11:00 a.m.

Exchanges remained closed for four days from July 8 to 11, including weekly public holidays, on the occasion of Eid-ul-Adha, the second biggest religious holiday for Muslims.

As usual, trading on the exchanges started at 10:00 a.m. and will continue until 2:30 p.m.

Investor turnout was very low on the trading floor as most of the investors have yet to return to Dhaka after celebrating the Eid festival at homes in their villages.

Turnover, another important market indicator, came in at Tk 1.22 billion after one hour of trading at 11:00 am.

Two other DSE indices have seen fractional gains so far. The DS30 index, which includes blue-chip companies, gained 0.32 points to 2,294 while the DSES index, which represents publicly traded Sharia-based companies, rose 0.31 points to 2,294. 1,388.

Market insiders said investors have mostly taken a cautious stance amid the current bearish sentiment as the energy crisis deepens and power outages have become frequent across the country over the past few days.

“The blackout is hampering trade, business and the economy by compressing industrial production,” said an investment banker, on condition of anonymity.

The load shedding returned after several years as Bangladesh felt the first ripples of the global energy crisis due to the Russian-Ukrainian war.

The government is also considering guidelines to reduce electricity use amid soaring global fuel prices that have stretched the country’s power generation capacity.

Of the issues traded so far, 155 advanced, 129 declined and 71 issues remained unchanged on the DSE floor.

Beximco was the most traded stock until this report was filed with shares worth Tk 100 million changing hands, followed closely by Intraco Refueling Station, Titas Gas, Fu-Wang Food and Shinepukur Ceramics.

However, the Chittagong Stock Exchange opened lower with its All Stock Price Index (CASPI) – losing 29 points to 18,722 while the Selective Categories Index – CSCX – fell 14 points to reach 11,223, also at 11:00 a.m.

Of the issues traded so far, 69 decreased, 40 increased and 27 remained unchanged with turnover of 76 million taka.

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Garland K. Long