Stocks declined for the third session in a row amid volatility yesterday with benchmark index DSEX falling to nearly one-month low.
The market opened the week on sour note as most investors remained inactive in the wake of growing political worries.
The benchmark DSEX lost 22 points or 0.5% to close at 4,801 – its lowest since November 30 this year.
The Shariah index DSES witnessed fractional losses of 0.8 points to 1,137. The comprising blue chips DS30 ended at 1,779, shedding 7 points or 0.5%.
Chittagong Stock Exchange (CSE) Selective Categories Index, CSCX, was dowm 74 points to 8,945.
As risk-averse investors were reluctant to put funds on stocks, turnover slumped to Tk156 crore, which was 18.3% lower over the previous session and lowest since December 11 this year.
Fuel and power was the most active sector of the day, making up more than 19% of total turnover.
“Growing political conflict is the new addition to dampen mood of investors who already faced difficulty in adaptation to new trading system,” said a market player.
Almost all the sectors closed in red during the session. Among the major sectors, bank was the biggest loser declining 0.8%. other sectors including engineering, food and allied, fuel and power closed lower.
Cement posted the highest return of 0.8%. Highlight of the day was rejuvenated interest in mutual funds, as four mutual funds occupied among top ten gainers.
Share prices of more than 70% issues declined as out of 305 issues traded, 219 declined, 59 advanced and 27 remained unchanged at DSE.
IDLC Investments said market continued to slip down for the last three consecutive sessions while turnover hit nine sessions’ bottom amid investors’ ‘wait and see’ mood.
Lanka Bangla Securities said benchmark index snapped on the opening day of the week as DSEX closed, hitting the 4,800 mark because of concern over political conflicts and profit booking in the bank and financial stocks.
“Probably investors were predicting one more round of volatility in the political arena as evidenced by two weeks’ low market turnover,” it said.
It said investors were reluctant to bring new funds in the market.