Dhaka stocks tumble as regulator lifts price curbs

As many as 322 shares dipped after BSEC removed minimum prices on Sunday

The prices of 322 shares have dropped on the Dhaka Stock Exchange in the first-half hour since price floors were lifted.

The stock market opened at 10 am on Sunday. By 10:30 am, 92 percent of the 349 listed companies and mutual funds fell in price. Shares of 14, or 4 percent, rose in price while those of 13 remained unchanged.

The dip in prices caused the DSE’s main index to trend down. The DSEX shed 168 points in the first half-hour of trading from 6,336 to 6,168.

Amid the fluctuation in the market, it fell to 6,122 at one point, recovered to 6,177, before going down again. However, as trading continued, the index began to slowly rise once again. At 11 am, it stood at 6,197.

Currently, 392 companies and mutual funds are listed in the capital market. Capital market regulator Bangladesh Securities and Exchange Commission, or BSEC, decided to lift the minimum prices on 357 stocks on Thursday.

However, the previous circuit breaker rules remain in place, with a maximum limit of 10 percent.