Stocks slipped for the third straight day with persistent volatility as investors were worried about renewed political uncertainty combined with weak economic data.
The market remained positive briefly in the morning, but nervous investors preferred to stay on the sidelines by releasing their holdings, sending the market in red, analysts say.
The benchmark index DSEX lost 6 points or 0.2% to 4,568, hitting highest at 4,602 and lowest at 4,567.
The Shariah index DSES inched 4 points down to 1,098. The blue chip comprising index DS30 closed at 1,728, shedding 5 points or 0.3%.
The Chittagong Stock Exchange Selective Category Index CSCX fell 15 points to settle at 8,491.
The stocks thus succumbed to nervous selling pressure. The trading value declined further to Tk387 crore from Tk443 crore a day ago.
Almost all sectors closed marginally lower with low-cap ceramics suffering the worst.
Only non-banking financial institutions and engineering made a marginal improvement.
Lanka Bangla Securities said the market closed marginally lower after a topsy-turvy ride. It said the benchmark index made an intraday rally around 28 points to hit above 4600-mark in first hour but failed to sustain in last hour of trade.
“Some sore domestic data prompted the weakness. The Planning Commission has lowered the estimate of GDP set for the current fiscal year, citing the downward trend in the economy and stammering investment situation.”
Some analysts say worries ensued from uncertainty in the political front and weak economic data continued to deepen volatility in the market.
They said at the close of trading session, investors’ anxiety was at a high pitch. Stock strategists and technical analysts suggested caution going forward.
IDLC Investments said resistance at 4,600 points level was tested again, and the market failed to sustain over that level.