Stocks failed to sustain the previous day’s modest rally yesterday with the benchmark index DSEX slipping to more than six-month low.
Concerns over the prolonged political upheaval, which subdued somewhat due to relaxation of strike, intensified as 20-party alliance enforced strikes again along with its non-stop transport blockades.
The DSEX tumbled at more than 63 points or 1.4% to close at 4,585 – its lowest since September last year.
The Shariah Index DSES was down around 10 points or 0.9% to 1,105. The comprising blue chips DS30 fell 15 points or 0.8% to 1,716.
Chittagong Stock Exchange (CSE) Selective Categories Index, CSCX, settled at 8,509, declining 105 points.
However, strong selling pressure has helped turnover cross Tk300 crore after a week. Turnover at the Dhaka Stock Exchange was Tk310 crore, an increase of 21.6% over the previous session.
The market heavyweight banking stocks took the highest hit dropping 3%, followed by engineering 2%, power 1.9% and non-banking financial institutions 1.4%.
Cement broke its previous day’s biggest rally as it was down marginally. Imminent annual declaration of some manufacturing stocks enticed investors to take position with food & allied managing to soar 2.3%.
Share prices of more than 80% issues eroded as out of 308 issues traded, 234 declined, 43 advanced and 31 remained unchanged.
Lanka Bangla Securities said after single day pause, opposition party continued the nationwide strike which made investors worried about the market outlook.
IDLC Investments said impatience shredded the market, after previous day’s small gain. “Investors delivered a knee-jerk reaction to the last session’s positive close, deciding to book the gain.”
Shasha Denims was the most traded stocks with shares worth Tk24 crore changing hands, followed by Shahjibazar Power Company that remained in the top position in previous two days.