Dhaka stocks declined for the second trading session on Sunday with the benchmark general index DSEX plummeting to a two-month low as fear of political unrest demoralised the investors.
The DSEX lost 1.67 per cent, or 66.11 points, to finish at 3,882.33 points, which was the lowest since 3891.97 points recorded on August 5.DS30, the blue-chip index of the of the Dhaka Stock Exchange, closed at 1,418 points on Sunday, shedding 1.65 per cent or 23.92 points.
The DSEX and DS30 have now lost 215.38 points and 94.43 points respectively in the last eleven sessions. The market has gained in only three among them.
The turnover of the DSE declined to Tk 246.59 crore on Sunday from the previous session’s Tk 264.65 crore.
Market operators said that there was no sign the ruling party and the opposition alliance would reach an amiable solution regarding the next polls-time government, which made the investors dejected.
If the political parties fail to reach a solution, acts of violence will spread across the nation, which would obviously hurt the business environment of the country, they said.
Sell-offs to make some profits ahead of the Eid-ul-Azha was another reason behind the market’s declining trend, they added.
‘Fear of further decline in line with index’s positioning below psychological level of 4,000 points for the sixth consecutive session acted as the catalyst behind sell pressure and forced the market to end in negative territory,’ IDLC Investments said in its daily market commentary.
‘In the meantime, investors continued cashing out their portfolio ahead of Eid-Ul-Azha,’ it also said.
Of the 282 shares and mutual funds traded on the day, 21 advanced, 239 declined and 22 remained unchanged.
Delta Life Insurance led the turnover table as its shares worth Tk 31.32 crore changed hands on the day, while United Airways, Orion Pharmaceuticals, CMC Kamal, Bangladesh Submarine Cable Company, Argon Denims, Tallu Spinning, RN Spinning, Beach Hatchery and JMI Syringes and Medical Devices followed the chart.
Progressive Life Insurance Company gained the most on the day as the price of its shares increased by 9.96 per cent, while Deshbandhu Polymer lost the most, 16.50 per cent.
-With New Age input
