The market ended lower on Tuesday, as stakeholders' meeting with the finance adviser failed to revive investor confidence.
Finance Adviser Salehuddin Ahmed held a meeting with the market stakeholders at the Dhaka Stock Exchange (DSE) on Tuesday and discussed the current market situation.
Following the news, the market opened higher in the morning and the key index crossed 5200 mark, gaining 34 points. However, it failed to keep the momentum as risk-averse investors went on a selling binge in the latter part of the session.
The DSEX, the benchmark index of the DSE, finally went down by more than 8 points or 0.15 per cent to 5,190, after gaining over 33 points the day before.
EBL Securities in a market review said the benchmark index failed to sustain the recovery of the previous session as investors' sentiment remained subdued.
Market analysts noted that investors remained largely reluctant to make new investments in stocks due to the bleak market outlook.
Investors remained on edge, closely watching the market in the absence of any significant triggers to spark a recovery from its current volatile state.
Blue chip stocks having significant influence on the broad index also experienced correction. Price erosion of Pubali Bank, Beacon Pharma, Fine Foods, Midland Bank and Beximco Pharma accounted for a 11-point fall of the key index.
The DS30 index, a group of 30 prominent companies, dropped 11 points to 1,922 while the DSES index, which represents Shariah-based companies, lost 3 points to 1,158.
Of the 399 issues traded, 161 advanced, 165 declined and 73 remained unchanged on the prime bourse.
The total turnover, however, rose 18 per cent to Tk 4.27 billion.
The performance of major sectors was mixed and investors' participation was concentrated on the banking sector that grabbed 24.2 per cent of the market turnover, followed by pharma (15 percent) and textile (10 per cent) sectors.
Midland Bank topped the turnover chart, with shares worth Tk 201 million changing hands.
The Chittagong Stock Exchange (CSE), however, ended higher, with CSE All Share Price Index (CASPI) gaining 36 points to settle at 14,502 and its Selective Categories Index (CSCX) rose 21 points to 8,829.
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