Stocks plunge on the first day after price curbs removed

The key stock index in Bangladesh dropped 1.52 percent today, the first trading session after the floor price restrictions for all except 35 companies were lifted, amid nervousness among investors. 

The loss, however, was much lower than the fall the DSEX, the benchmark index, witnessed at the beginning of the trading activity. 
At one point, it plunged 3.4 percent. At the end of the day, the index stood at 6,240, down 96.5 points from a trading session earlier. 

The plummet comes after the Bangladesh Securities and Exchange Commission on January 18 withdrew the floor price for most stocks, 18 months after the measure was imposed, amid demand from stakeholders.

The DSES Index, comprising Shariah-based companies, was down 14 points, or 1.02 percent, to 1,374 while the blue-chip index DS30 slipped 0.35 percent to 2,137.

Turnover stood at Tk 588.87 crore, which was Tk 637 crore on Thursday. 

Of the securities that traded on the premier bourse of Bangladesh, 54 issues advanced, 296 declined, and 36 unchanged.

The same trend was seen on the Chittagong Stock Exchange. The CASPI, the broad index of the port city bourse, fell more than 2.53 percent, or 476 points, to 18,329.