Dhaka stocks declined for the firth trading session on Tuesday with the DSEX falling below 4,000 points after four and a half months as investors continued to sell-off shares apprehending political unrest ahead of the next general elections. The benchmark general index of the Dhaka Stock Exchange, DSEX, lost 1.68 per cent, or 64.89 points, to close at 3,792.35 points.The DSE introduced its new index on January 28 this year with 4055.90 points.
The last time DSEX fell below 4,000 points was May 16 when the index closed at 3,773.78 points.
DS30, the blue-chip index of the DSE, declined to 1,372.61 points, shedding 2.20 per cent, or 30.98 points. The DSE introduced DS30 with 1460.30 points on January 28 this year.
Most of the shares prices declined on the day as out of the 285 traded shares and mutual funds, 45 advanced, 221 declined and 19 remained unchanged.
Stockbrokers said that investors continued to sell-off shares in huge numbers as they were apprehending political unrest by the end of this month over the next polls-time government.
Debate between the ruling party and the main opposition over formation of a polls-time government has been going on for long but no positive outcome has surfaced as of yet, which made investors panicky, they added.
Investors fear that if no solution can be reached before October 24 acts of political violence may follow. That’s why they are selling shares before the Eid-ul-Azha holidays, they said.
‘Fueled by investors’ panic sale, maiden recovery turned into a downhill during today’s [Tuesday] session,’ IDLC Investments said in its daily market commentary.
‘Market sentiment continued to dwindle in line with investors’ shaky confidence. As a result, sluggishness in participation prevailed and recorded a turnover of Tk 265.12 crore,’ it also said.
The turnover of the bourse declined to Tk 265.12 crore from the previous session’s Tk 233.26 crore.
Bangladesh Building Systems gained the most and made it to the top of the turnover chart on its debut on Tuesday as the price of its shares increased by 360 per cent while its shares worth Tk 22.81 crore changed hands.
Envoy Textile Mills, Square Pharmaceuticals, Argon Denims, Bangladesh Submarine Cable Company, CMC Kamal, Titas Gas, Active Fine Chemicals, Meghna Petroleum and JMI Syringes and Medical Devices were the day’s other turnover leaders.
Meghna Condensed Milk lost the most on Tuesday, 10 per cent.
-With New Age input
