Stocks extended losses for the sixth consecutive sessions yesterday with benchmark index DSEX slipping into six-month low, tracking weak economic cues.
The sell-off was mainly triggered by power issue on disappointing first quarter earnings.
The DSEX lost 39 points or 0.9% to 4,371, its lowest since May 17 this year.
The Shariah index DSES was down over 11 points or 1% to 1,055. The blue chip comprising index DS30 closed at 1,664, declining 16 points to 1,664.
The Chittagong Stock Exchange Selective Category Index CSCX shed 58 points to 8,134.
The losses were led by power sector slumping 3.5%, driven by state-owned natural gas transmission and distribution company Titas Gas.
Stocks prices of the company dipped 9.8% as investors released their holdings after the news that its first quarter earnings dropped sharply 33.72% compared to the same period a year earlier.
Titas Gas witnessed higher volume of trade with shares worth almost Tk40 crore changing hands.
Non-banking financial institutions sector was second worst loser, declining almost 2%. It was followed by cement 1.7% and telecommunications 1%. Almost all other sectors, including bank, pharmaceutical and textile came under selling pressure.
Trading activities also took a hit as the DSE turnover stood at Tk255 crore, which is 13.3% lower over the previous session value.
IDLC Investments said volatility surged and put investors in a cautious mood.
Despite decline in inflation in the month of October, vapid macroeconomic scenario and prevailing uncertainty surrounding the capital market investment outlook kept the investors wobbly, recording low turnover.
Lanka Bangla Securities said DSEX cut more than 39 points, tracking weakness on fears of continual breaking of support levels in index.
It said apart from the setback that the market faced, shaky economic cues are also weighing in on investors sentiments.
