Stocks continued to fall for the third session in a row yesterday with the benchmark index, DSEX, slipping to almost four-week low.
Analysts cited year-end profit booking particularly by the institutions combined with the intensified political unrest for decline in equity values.
After marginal rise in the morning, the DSEX lost nearly 28 points or 0.7% to settle at 4,200 – lowest since December 2. The DS30 index of blue chip shares was down 11 points or 0.8% to 1,448.
The Chittagong Stock Exchange Selective Category Index, CSCX, shed over 52 points to 8,254.
The risk-averse investors held back their fresh investment, making the turnover sluggish. The DSE total turnover stood at over Tk367 crore, which was 1.8% lower over the previous session.
All the major sectors ended in red except jute which gained almost 1%. Among the worst losers, textile was the biggest one with a drop of more than 2%, followed by pharmaceuticals, financial institutions, telecommunications and banks.
“Both investors, notably institutions, scurried to take profit at the year-end, accelerating the sale pressure,” said Akter H Sannamat, managing director of Union Capital.
But most important thing is political dust that continued to hit investor tempo, he said.
IDLC Investment in its daily market analysis said as investors fear head on political clashes in the coming days, they considered no sector is safe enough for the time being.
Dragged by year-end profit booking on selected sectors like bank, financial institutions, textile and power sectors over consistent slowed down market activities, said Lanka Bangla Securities.
Over the last few weeks, market direction remained nebulous on account of vigilant market sentiment, it said.
The market breadth also remained negative as out of 288 issues traded, 79 closed higher, 170 lower and 39 remained unchanged.
The newly listed Appollo Ispat Complex continued to become the most traded stock, making up more than 8% of the total market turnover.
The newcomer also helped the engineering sector contribute a lion share of 24% to the turnover.
Other turnover leaders included Golden Son, RN Spinning, Generation Next Fashion, Argon Denim, Bay Leasing, Bengal Windsor and Thermoplastics and Paramount Textile.