Dhaka, Nov. 6 -- Stocks on both bourses opened lower on Thursday as trading of five crisis-hit Islamic banks, which are undergoing a merger process, was suspended from the day.

The Bangladesh Bank has declared the five banks non-viable, and the suspension of their share trading will remain in effect until further notice, according to a disclosure by the Dhaka Stock Exchange (DSE) on Thursday.

Market analysts said investors had already been suffering from a prolonged confidence crisis, and the latest development concerning the Islamic banks further worsened market sentiment.

The central bank also dissolved the boards of the five troubled banks and appointed administrators as part of the formal start of the merger process.

The banks - F...