Stocks extended their losing streak for the sixth running sessions Sunday with key index of the major bourse came down to five week low as investors remained watchful amid continued political unrest.
The market opened with downward note which sustained throughout the session. DSEX, the prime index of the Dhaka Stock Exchange (DSE) went down further by 39.96 points or 0.85 per cent to close at five week-low at 4,624.94 points.
DSEX shed 138.27 points or 2.90 per cent in the last six consecutive sessions.
The two other indices also closed lower. The DS30 index, comprising blue chips lost 18.64 points or 1.07 per cent to close at 1,712.29 points. The DSE Shariah Index (DSES) shed 9.35 points or 0.84 per cent to close at 1,103.16 points.
Trading at DSE remained sluggish and total turnover amounted to Tk 2.49 billion, registering a decline of 6.47 per cent over the previous session's value of Tk 2.66 billion.
The investors' attention was mostly focused on engineering, power and textiles - the sectors that accounted for 20.8 per cent, 14.6 per cent and 12.7 per cent of the day's total turnover respectively.
"The stock market ended in negative note for the six consecutive sessions amid the nationwide prolonged political unrest," said International Leasing Securities in an analysis.
Investors' confidence continued to deteriorate and the market turnover remained poor with 6.47 per cent down from the previous session, said the International Leasing.
"Price correction in few large-cap sectors like cement and food and allied contributed to the big fall in indices," said the International Leasing.
IDLC Investments said: "Depression eclipsed the market as solution to political uncertainty seems far-fetched, in the near term".
With terror in the back of the mind, investors stood on their toe to sell off their holdings at signs of worsening. As a result, market faced persistent gradual downtrend with occasional shakeout in specific sessions, said the merchant bank.
LankaBangla Securities said: "Sell-off continues in the broad market amid lower turnover as investors remained in the sideline to watch market movement".
"Political situation is yet to get stable," said the stock broker.
All the other major sectors closed lower. Cement registered heavy correction of 3.77 per cent - following unpromising 5.0 per cent cash dividend declaration from Lafarge Surma Cement the heavy weight constituent of the sector.
Food and allied sector also posted heavy loss of 3.14 per cent. In the financial sector -Banks and NBFIs - retraced by 0.84 per cent and 0.64 per cent respectively. Pharmaceuticals also closed lower in the session with 0.31 per cent loss.
The losers took a modest lead over the gainers as out of 304 issues traded, 158 declined and 100 advanced while 46 remained unchanged on the DSE floor.
Activities decreased in the major bourse where volume and trade were down 16.10 per cent and 13.42 per cent respectively. A total number of 0.091114 million trades were executed with trading volume of 57.01 million securities.
The port city bourse, Chittagong Stock Exchange (CSE) also closed lower with its Selective Categories Index - CSCX - lost 49.46 points to close at 8,617.41 points.
Losers beat gainers 107 to 87, with 29 issues remaining unchanged at the port city bourse that traded 6.36 million shares and mutual fund units, turnover value of Tk 236.94 million.
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