Stocks fell amid choppy trading yesterday as bears’ domination scared away bulls.
The market opened lower moving through a heavy up and down as it has become directionless due to ongoing political impasse, dealers say.
The benchmark index DSEX fell 13 points or 0.4% to 4,291, extending its losses from its previous session’s 15-month low.
The Shariah Index DSES was marginally down 2 points or 0.3% to 1,054.
The comprising blue chips DS30 edged 5 points or 0.4% lower to 1,653.
Chittagong Stock Exchange (CSE) Selective Categories Index, CSCX, gained 10 points to 8,028.
Strong sell-off has helped turnover to cross Tk400 crore mark after two weeks as the turnover at the Dhaka Stock Exchange stood at Tk412 crore, an increase of over 42% over the previous session.
“What ails the stock market is the current political situation and economic scenario,” analysts said, adding that most investors sought to limit their losses.
“The real cause behind the market volatility could be lack of courage on the part of investors to take risks.”
The large cap sectors showed a mixed performance with power advancing 2.8%, led by newly listed United Power Generation and Distribution Company Limited that saw the day’s biggest gain of almost 10% to Tk175.7, which is the highest value since its debut last week.
The company was also the most-traded stocks for the sixth consecutive session with a turnover worth more than Tk48 crore.
Food & allied also gained 1.6%, followed by pharmaceuticals 0.2%. The financial sectors continued to experience major correction with non-banking financial institutions plunging 2.41%, followed by banks nearly 1%, cement 1.1% and telecommunication 0.5%.
